Easy Step prompts a novice to enter T4s and T5s also. (recommending the upgrade to Premier but still apparently ok to use Standard). Pressing done with T5s takes you to "Your investments Profile for 2018" to toggle on Dividends from Canadian Corporations. Pressing continue takes you to "Statement of Investments Income" to enter the Amount of Actual Dividends Recieved. Doing this step improperly inflates total income and thusly tax liability. I dont see anything such as "do not report amounts previously entered on T5s" or the sort. Im glad I saw this as I was standing over my daughter in laws shoulder. This step is obviously not user friendly. Particularly for a novice putting their trust in the product that I promote.
Thank you for your feedback. We will pass this information on to our development team as it certainly could be confusing and cause a double entry of dividend income.
It is now May 1,2020, and I noticed the same thing still exists. I wondered about this. I switched from H & R Block (last year) because of the headache a similar "double-entry" caused me, having to file and amended return, etc. so I was skeptical when I saw this in TT this year.
Tech Support: Please verify that I should leave this blank in Easy-Step if I have downloaded the T-slip information from CRA--
Yes, once you have chosen to use CRA "Auto-Fill" you do not need to re-enter your slips as they have already been entered. This will definitely cause a double entry.
This still occurs in TurboTax for tax year 2022 and at least the year previous to that. The investment profile should definitely state not to re-enter information already entered from the T5. Is the information requested in the "Investment Profile" section perhaps for dividends for which you do not have a T5 or possibly for dividends from a "non-eligible corporation"? The question should definitely be more precise as to what is being sought. I spoke to Product Support about this and the person had no idea beyond upgrading to the version which includes paying for more support. This is clearly an ongoing issue and, I suspect, causing overpayment to the CRA.
In both TurboTax Online and TurboTax CD/Download EasyStep Mode, there are messages on the top of the Interest/Investment page that say not to include amounts that have already been reported on your T slips. Or are you looking in a different place?
The screen shots you show appear to be from the "Premier" version of TurboTax, I have the standard edition.
Those screens do not appear in my "Easy Step".
In my Easy Step after already having entered all "T" slips including the T5 for dividend income I come to a screen titled: "Your investments profile for 2022"
The first line after the title states: "Review and select all the checkboxes that best describe your investments for 2022"
There are five checkboxes available the third one of which is: "Dividends from Canadian Corporations".
Checking this third box and selecting "Continue" takes me to a screen recommending upgrade which I skip then on to a screen titled: "Name: Statement of Investment Income".
The first line states; "Taxable amount of eligible and other than eligible dividends received from Canadian corporations in 2022".
The next line has a box to fill in with: "Actual amount of eligible dividends that you received in 2022".
This is the same information that was previously entered from box 24 of the T5 slip. If I enter the amount in this box the the income summary further along in the Easy Step process shows double the actual dividend income and the tax calculation is completely erroneous as a result.
This needs to be fixed. It has been an ongoing issue for several years and I suspect there are taxpayers over paying their tax bills as a result.
Thank you.
@tdi200 Though you can add T5s to your return in any version of Turbotax CD/Download, Premier is actually the version that is recommended for investment income, precisely because it has the extra guidance when it comes to investments.
It's similar with self-employment income. You can enter Self-Employment income in any version of TurboTax CD/Download, but unless you are using Home & Business, you are mostly filling out a simplified version of the form. It doesn't have things like the bit that explains the rules regarding Advertising expenses.