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

Forum|Forum|3 years ago
March 13, 2023
1 reply
0 views

No text available

TurboTax Deluxe Online

CatinaT1

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

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?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

jwfitzerAuthor

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?