All Posts

I'm looking at the list of Manitoba tax credits in provincial section, not seeing a place for rent. The closest thing is education property tax but it does not provide me a place to enter my rent paid. 

I'm looking at the list of Manitoba tax credits in provincial section, not seeing a place for rent. The closest thing is education property tax but it does not provide me a place to enter my rent paid. 

I've had the same problem. There is no ON Schedule 11 (Ontario Sched 11) in the software - point #1, and #2, my kids both have an amount to transfer on their returns but in mine (parent) I enter the exact amount and it says he has $0 to transfer. This issue was raised as early as February and it's still not fixed? Better to go back to the old days and do it all on paper, by hand. I don't know what TurboTax did with the 2024 Version but I found it lacking and frustrating in so many ways. I'm a long time user so I'm no newbie. So sad. So long.

Thanks for this clarification. I didn’t realize that the Home and Business version, which I use as a self-employed business person, doesn’t have a Federal tab like other versions, but instead has a Personal tab. Having it that way has created an immense amount of confusion and wasted time for me. I have documented this process for next year, assuming I decide to use TurboTax.

@RobertB4444  thank you!   Using hypothetical numbers earlier does not add up. Now using real numbers. Sorry a little busy with numbers. Could you help clarify a couple more questions? Relinquished (27.5 year depreciation schedule): 16,173 = Depreciation Taken 1.04 = Depreciation Time used = Depreciation Taken / (Building Basis / 27.5) = 16,173/(426,990/27.5) 433,752 = Adjusted Basis = Building Basis + Land Basis - Depreciation Taken = 426,990 + 22,935 -16,173 1,111,572 = Net Sale Price = Gross Sale Price - Selling Costs = 1,185,000 - 73,428 434,329 = Realized Gain = Net Sale Price - Adjusted Basis = 1,111,572 - 433,752 243,791 = Mortgage Paid off 867,781 = Equity rolled into exchange = Net Sale Price - Mortgage Paid off = 1,111,572 Replacement (39 year depreciation schedule): 1,207,195 = FMV Purchase = Building basis+ Land basis = 1,184,260 + 22,935 273,264 = Loan Assumed 933,931 = Equity invested = FMV Purchase - Loan Assumed = 1,207,195 - 273,264 Carryover Depreciation Calculation: 410,817 = Carryover Basis = Building Basis - Deprecation Taken = 426,990 - 16,173 26.46 = Remaining Depreciation Time = 27.5 - Depreciation Time Used = 27.5 -1.04 = 26.46 year 15,525 = Carryover Depreciation = Carryover Basis / Remaining Remaining Depreciation Time = 410,817 / 26.46 Excess Depreciation Calculation: 66,150 = Excess Basis = Equity invested - Equity rolled into exchange = 933,931 - 867,781 1.8999% = %Replacement Land = (Land basis / FMV Purchase) * 100 = (22,935 / 1,207,195) * 100 1,257 = Excess Land Basis = %Replacement Land * Excess Basis = 1.8999% * 66,150 64,893 = Excess Building Basis = Excess Basis - Excess Land Basis = 66,150 - 1,257  1,664 = Excess Depreciation = Excess Building Basis / 39 = 64,893 / 39 Q10) Is Adjusted Basis above correct about including the Land Basis? Q11) 100% Realized Gain is deferred since Equity invested > Equity rolled into exchange, correct? Q12) Is the Carryover depreciation equation correct by using the Remaining Depreciation Time (26.46)? The Carryover Depreciation seems to match with the origin depreciation per year (426,990/27.5=15,525). Q13) Is the calculation for Excess Depreciation correct?   Q14) Given there are 2 depreciations (1- Carryover deprecation and 2-Excess depreciation), Am I create 2 properties in TT premier, which in term create 2 schE? or some how create 1 property with 2 independent asset depreciations?          

Once your tax return is fully processed and you receive your refund or your balance due is deducted from your return, you can file an amendment.    For more information and instructions, review the TurboTax articles How to Correct Federal Tax Returns, How to File an Amended Tax Return with the IRS and Video: How to Amend Your Tax Return.

TurboTax doesn't have any information regarding your refund once it's filed, but since your return is being processed by TPG Products SBTPG LLC, refer to the TurboTax article Who provides Pay With My Refund? for more inform regarding SBTPG.

@ thetryon2  Which country's return are you trying to prepare?   This is the USA TurboTax community forum.    Are you needing to prepare a USA return or a Canadian return?   If the latter, you should ask for help in the Canada TurboTax forum.   Or do you need to prepare returns in both countries?

You can use the refund lookup tool at SBTPG to see the status of your funds.   To log in, choose the  For Taxpayers portal at: https://www.sbtpg.com/   SBTPG has a phone contact page at the following link. It also shows their business hours.  Even when they are closed, you may be able to get automated info, or you can log in as above. https://help.sbtpg.com/hc/en-us/articles/230084587-Contact-Information