TurboTax
- Thread starter Darts
- Start date
Now I feel good for still being a dinosaur who is still doing taxes on paper forms and mailing them in.
Good that they had to pay for their sins, but the tax software makes tax returns very simple and checks to make sure you pay as little tax as possible. Been using it for years and will continue to do so, even paying for it each year.
Does Turbo Tax get smart enough to suggest carrying capital losses back to the best of three prior years and give you the option of thus filing a T1R?
Don't know as I haven't had any capital losses for years. I do know it keeps track of losses by carrying them forward each year, and if you report capital gains this year, it offers you a tax tip, reminds you that you are carrying forward losses and that you should investigate offsetting this year's gains with prior year losses.
The simple answer is 'yes'. For years I used the pc delux version for 8 returms. But doing 2020's return, the app wanted to know if I wanted to upgrade from delux to premier since I took advantage of the market crash and bought shares. Did not upgrade, but I bought the premier version for 2021 return and it handled stocks no problem. I sold some at a gain and others at a loss so I ended up with a slight capital loss overall and the program advised me that I could carry it back for 3 years.
I find that I track things i Quicken, and then run the reports I want for the different deductions.
My Quicken is old enough I own it, and don't need to pay for it every year.
My Quicken is old enough I own it, and don't need to pay for it every year.
You don't need to pay extra for the Premier version just to handle stocks, the Standard version does it quite well.
You are correct, yes it does, no problem.
However, I was readjusting my portfolio and sold one with capital gain and sold another with capital loss. Just handling purchasing of equities, premier is not required. But for a few $ more, I let the program balance the capital gains against the capital losses to mitigate the gains and any tax implications. And besides which, the cost of the software is write off
Schedule 3 handles both capital losses and capital gains, it just nets them out and provides the net gain or loss figure. And the cost of the software is only tax deductible for a few people (commission salespeople or self employed) and income types (rental income). I guess you must fall into one of those categories, I don't.You are correct, yes it does, no problem.
However, I was readjusting my portfolio and sold one with capital gain and sold another with capital loss. Just handling purchasing of equities, premier is not required. But for a few $ more, I let the program balance the capital gains against the capital losses to mitigate the gains and any tax implications. And besides which, the cost of the software is write off
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