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The amount of capital gains from my T5008 is doubled in TurboTax. How do I fix this?

SOLVEDby TurboTax128Updated 3 weeks ago

If you’ve noticed amounts showing up in duplicate when entering your capital gains into TurboTax, this is likely due to a simple error. The most common cause of this is to have mistakenly entered these amounts at two different points during your return: once in the T5008 entry step and again in the Investment Profile section.

Amounts for capital gains only need to be entered during the T5008 step, with the Investment Profile section typically saved for non-slip based capital gains amounts. To complete this process, select your version of TurboTax then follow the instructions provided:

To remove the T5008 info duplicated in the Investment Profile section:

  1. Select Find (or the magnifying glass icon) from the TurboTax menu
  2. In the Find window, type Investments and then select Go
  3. On the Your Investments Profile screen, make sure you have selected the Capital Gains or Losses (shares, properties, etc.) box
  4. On the Capital Gains Profile screen, make sure you have selected the Sold stocks, bonds, real estate or other capital property checkbox and then select Continue
  5. Delete the information that is entered in the Capital Gains (or Losses) section of the interview

To verify that the extra entry has been deleted, select Review, then Bottom Line (Tax Summaries). On the Let’s Review Your Numbers screen, go to the Review Summary section and select Detailed Tax Summary. The amount on line 12700 – Taxable capital gains should now be lower.

  1. Select Find (or the magnifying glass icon) from the TurboTax menu
  2. In the Find window, type Investments and then select Go
  3. On the Your Investments Profile screen, make sure you have checked the Capital Gains or Losses (shares, properties, etc.) box, then select Continue
  4. On the Capital Gains Summary screen, select Delete
  5. Answer Yes to the Are you sure you would like to delete your slip? question, then select Done

To verify that the extra entry has been deleted, select Review, then Bottom Line (Tax Summaries). On the Let’s Review Your Numbers screen, go to the Review Summary section and select Detailed Tax Summary. The amount on line 12700 – Taxable capital gains should now be lower.

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