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sguta
Returning Member

T5008 error netfile

Helpful advise from the Turbo Tax person.  BUT.....I've input everything from my T5008 through the Easy Step Navigator and everything appears ok.  However, when answering the questions during the "inquiry" process at the start of the new tax return, I was asked if I had bought/sold shares during the year (which I answered yes to).  Now, the Easy Step Navigator wants me to input everything again for the Schedule 3.  I went to the Schedule 3 Form and see that the dollar amounts from the T5008 information has already been entered onto the Schedule 3.  There is a comment--something like see Attached SUPP (SUP?) schedule.  I then went to the SUPP Schedule and see all the information that I inputted is all there.  If I do as the Easy Step Navigator next instructs  (which I did), the info gets put in the Schedule 3 again and shows 2X the amount of Capital Gain than what I really have. Is the problem in how I answered the questions during the "inquiry" stage?  Why does TT ask whether I have a T5008 and also ask if I bought/sold shares?  CONFUSED

TurboTaxHeba
Intuit Alumni

T5008 error netfile

The answer to your question is Yes. You doubled your entry.

The question in the inquiry If you had bought or sold shares was meant for taxpayers who don't receive a T5008 slip, so they get a chance to report their exchanges manually. 

However, in your case, you have already received a T5008 > so you need to check the box beside this slip only. Please delete the extra entries in the schedule 3. 

If you have any investment charges related to your T5008 slip > use the Carrying Charges profile from the Find engine on the top bar and report it separately. 

 

I hope this was helpful