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CatinaT1 · ‎April 23, 2025

You will make your payment with the amendment. The IRS will add interest back to the due date of the original return. You will likely get a bill in the future for the interest.

AMFBali · ‎April 23, 2025

I have the same if not similar problem, I was told to mail in my return, I am told by TurboTax that it is an issue with my T4, after lots of searching I see there is an issue out there. Is there any ...

I have the same if not similar problem, I was told to mail in my return, I am told by TurboTax that it is an issue with my T4, after lots of searching I see there is an issue out there. Is there any fix coming?

Anonymous · ‎April 23, 2025

@Houbento We understand that this is not ideal, but this is not an information included in the Auto-File option from CRA. You can also combine them and keep track of your T5008 on a spreadsheet for y...

@Houbento We understand that this is not ideal, but this is not an information included in the Auto-File option from CRA. You can also combine them and keep track of your T5008 on a spreadsheet for your records. As per CRA - February 14, 2025 - Auto-fill my return: While the proposed effective date for the increase to the capital gains inclusion rate has been deferred to January 1, 2026, the CRA is maintaining capital disposition reporting for period 1 (dispositions that occurred before June 25, 2024) and period 2 (dispositions that occurred on or after June 25, 2024). This applies to both the T1 and T3 income tax returns. Period 1 and period 2 reporting is being maintained to ensure continued alignment with the tax slips that have already been published and are currently being issued to Canadians and filed with the CRA. As well, the proposed increase to the lifetime capital gains exemption applies starting with the capital dispositions in period 2 of qualified farm or fishing property and qualified small business corporation shares. Note: Auto-fill my return service will not deliver box 14 of the T5008, Statement of Securities Transactions, which is relevant for period 1 and period 2 reporting of capital dispositions, and boxes 270 to 273 on the T5013, Statement of Partnership Income. Please ensure that all proper fields on the return are filled in correctly, including information not delivered by the Auto-fill my return service, and that the information provided is true, accurate, and complete. Thank you for choosing TurboTax.

ithiam2016 · ‎April 23, 2025

Thanks CatinaT1. I check the notice and there is no indication file an amendment. But to review my transcript and/or make payment arrangements.

Mike9241 · ‎April 23, 2025

how did you enter the tranactions? short-term needs either type a - sales section proceeds and basis reported to IRS (covered) or type b sales section proceeds but not basis reported to IRS (noncove...

how did you enter the tranactions? short-term needs either type a - sales section proceeds and basis reported to IRS (covered) or type b sales section proceeds but not basis reported to IRS (noncovered). This is similar to entries for long-term type d or e if entered as summary totals summary totals need to be code with an M and details need to be sent to the irs. you can use Form 8453 (soukd be prepared automatically if you use code M) to submit the 1099-B reporting the details,

CatinaT1 · ‎April 23, 2025

We'd love to help you complete your tax return, but need more information. Can you please clarify your question?

DawnC · ‎April 23, 2025

No, don't amend again unless the IRS asks you to, which is highly unlikely. You already added the crypto transactions and there is not a digital asset box on the 1040-X. Your capital loss carryov...

No, don't amend again unless the IRS asks you to, which is highly unlikely. You already added the crypto transactions and there is not a digital asset box on the 1040-X. Your capital loss carryovers amounts are correct now as well.

RobertB4444 · ‎April 23, 2025

You don't need to wait for the 2024 filing to be completed before filing the offshore procedures. I would just efile NC if you can. @Kat409

AnnetteB6 · ‎April 23, 2025

No, that is not a one-to-one change. Contributing to the 403B at work will reduce your taxable income, but it will not reduce your taxes by the amount that is contributed. For example, ...

No, that is not a one-to-one change. Contributing to the 403B at work will reduce your taxable income, but it will not reduce your taxes by the amount that is contributed. For example, suppose your income tax rate is 10%. Then reducing your taxable income by $100 would reduce your taxes by $10 (10% of the $100). This means that if you wanted to make a one-to-one change in your W4, then you could only reduce it by $10, not the $100 that was contributed to the retirement plan.

Tony1212 · ‎April 23, 2025

Hello - My wife and I file separately. I filed itemized and then found out that she filed standard. Is this an issue? If so, suggestions on how to correct this?

LeticiaF1 · ‎April 23, 2025

TurboTax makes it easy to prepare your taxes. You have the option of doing them yourself, having an expert help you in process, or having someone else prepare your return by using TurboTax Live. Se...

TurboTax makes it easy to prepare your taxes. You have the option of doing them yourself, having an expert help you in process, or having someone else prepare your return by using TurboTax Live. See the links below for more information: TurboTax How do I get TurboTax Live? What is TurboTax Live Full Service? You can also reach out to us again here in community and we can help you with any questions.

Taxes_Are_Fun · ‎April 23, 2025

Based on the amended tax return for 2022, I should've received less federal refund for 2022. How should I pay the difference back to IRS? Is it in the next year (2025) filing or as part of this amend...

Based on the amended tax return for 2022, I should've received less federal refund for 2022. How should I pay the difference back to IRS? Is it in the next year (2025) filing or as part of this amendment filing? Will IRS apply any penalty or interest for all 3 years for this additional tax?

TurboImpotLiseD · ‎April 23, 2025

En effet, ceci a été un problème détecté dans TurboImpôt cependant cela a été corrigé au début d'avril. Probablement que vous aviez déjà envoyé votre déclaration à ce moment. Nous sommes désolés p...

En effet, ceci a été un problème détecté dans TurboImpôt cependant cela a été corrigé au début d'avril. Probablement que vous aviez déjà envoyé votre déclaration à ce moment. Nous sommes désolés pour cet inconvénient. Merci

Smk_091900 · ‎April 23, 2025

eyouse · ‎April 23, 2025

After we finished our taxes I found the 1099SA and 5498SA tax forms. Do I need to do an ammended tax return? I did enter the $7000 from the w2 for the contributions but I did not enter any distributi...

After we finished our taxes I found the 1099SA and 5498SA tax forms. Do I need to do an ammended tax return? I did enter the $7000 from the w2 for the contributions but I did not enter any distributions into the tax form.

CatinaT1 · ‎April 23, 2025

Yes, you should be able to take that loss on your return. Once you get into the amended return, navigate to the K-1 entries and make the appropriate changes. If you want to make changes or add a ...

Yes, you should be able to take that loss on your return. Once you get into the amended return, navigate to the K-1 entries and make the appropriate changes. If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines. You must first wait until the initial return is completely processed. You will have to use the same TurboTax account that you used for the original tax return. Once you begin your amendment, you'll see your original return. The refund calculator will start new at $0 and only reflect the changes in the refund or tax due Only make changes to the areas of your return that need to be corrected. You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment Select your product below and follow the instructions. Amend TurboTax Online Amend TurboTax CD/Download

Moonlight · ‎April 23, 2025

I e-filed my 2024 Federal & New York State tax return on 4/12/25 and I didn’t realize until after I filed that there aren’t any of my 156 stock options trades transactions (Proceeds from Broker and B...

I e-filed my 2024 Federal & New York State tax return on 4/12/25 and I didn’t realize until after I filed that there aren’t any of my 156 stock options trades transactions (Proceeds from Broker and Barter Exchange Transactions-SHORT-TERM TRANSACTIONS FOR COVERED TAX LOTS) listed on my tax return which go on form 8949-Sales and Other Dispositions of Capital Assets. The 1099B section on the 1099 Consolidated form from my brokerage account (Tastytrade) contains all of these transactions but they were not imported into my tax return as they have been in my previous tax returns over the past several years. I might have accidentally selected No instead of Yes when I answered the question: “Did you sell stocks, mutual funds, bonds, or other investments in 2024?” I have a Total Loss of -$3,240.87 and I don’t owe any tax so listing these transactions will not change anything on my tax return if I amend it. Since the Cost Basis, Proceeds and Total Loss amounts would remain the same, do I need to amend my 2024 tax return to show all of my individual options trades?

ryanacole · ‎April 23, 2025

Thank you very much. I am working on creating a T5008 summary. As I understand it the T5008 forms list every transaction to tell the CRA that there have been stock transactions. But they should n...

Thank you very much. I am working on creating a T5008 summary. As I understand it the T5008 forms list every transaction to tell the CRA that there have been stock transactions. But they should not be relied on in order to enter capitsl gains. I can do a T5008 summary and enter the final results for each category. I can do this by downloading a CSV report from my financial institution. Where would final summaries be entered? From memory, I see that the T5008 forms say "do not enter this info as a capital gain" or something similar. I find this confusing.

RobertB4444 · ‎April 23, 2025

1. Yes 2. There is no real deadline. However, you have three years from the original filing date to get a refund if you are owed one. @user123450

CatinaT1 · ‎April 23, 2025

Yes, you can amend to add those expenses. If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guid...

Yes, you can amend to add those expenses. If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines. You must first wait until the initial return is completely processed. You will have to use the same TurboTax account that you used for the original tax return. Once you begin your amendment, you'll see your original return. The refund calculator will start new at $0 and only reflect the changes in the refund or tax due Only make changes to the areas of your return that need to be corrected. You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment Select your product below and follow the instructions. Amend TurboTax Online Amend TurboTax CD/Download

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