How do I report my T4PS Canadian "Statement of Employees Profit Sharing Plan Allocations and Payments" form?

[CatinaT1]

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[CatinaT1]

Do you have positive or negative numbers on your form? 

If your Form T4PS, Statement of Employee Profit-Sharing Plan Allocations and Payments reflects only negative income -- a capital loss -- there's no need to enter this in TurboTax since it will have no impact on your return.  

If positive income is reported to you, you will most likely be able to exclude this via the foreign income exclusion.  

Where do I report capital gains or losses in TurboTax Online? 

[jwfitzer]

Only negative. That logically doesn't make sense though. How can entering a capital loss not effect your tax return amount? If I enter my capital loss temporarily as a 1099-B I can immediately see my return amount rise. 

Should I just put the losses under the 1099-B stocks and bonds section and just upload a copy of the document?

[CatinaT1]

Is the profit sharing from stock? 

If so, you could report this as a capital loss since it is a stock-based instrument in your profit sharing. To report, go to: 

1.  federal>wages and income>investment income>stocks, bonds, other
2. Now you will answer some preliminary questions.  Say no if you did not receive a 1099B.
3.  Next screen is critical because it asks you for the sale price(proceeds), description, what you originally paid for it, date sold, date acquired etc. Try to fill in details to the best of your ability to get to the loss amount.
4. Now this will be considered a capital loss.
5. For the questions asking about employee stock, you will say no to this as this primarily addresses US Based employers.