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April 20, 2024
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Correct and report capital loss from previous year with Turbotax

  • April 20, 2024
  • 1 reply
  • 0 views

Hello


I am doing my tax return for 2023. I had unreported capital loss in 2021. I notice now that I haven't report it correctly with Turbotax because I forgot to fill my investment profile 2021 capital gains or loss section in Turbotax 2021 . That is the reason why my notice of assessment of 2021 and 2022 didn't show the capital loss from sold stocks from previous years with line 25300. I would like to apply this capital loss for capital gain tax deduction of this or future year. In 2023, is there a way to declare these capital loss from 2021 in 2023 Turbotax or should we correct the notice of assessment of 2021 and 2022 to show the capital loss with line 25300 in order to make them appear in the notice of assessment of 2023 or 2024 line 25300? to be able to use it. 


Thank you

    Best answer by TurboTaxSusan

    Yes, you should be able to make the change withing TurboTax.

    1 reply

    TurboTaxSusan
    April 20, 2024

    You would need to adjust your 2021 return to include the losses before you can use them on your 2023 return.

    taxma2Author
    April 20, 2024

    Thanks. Do I need to contact and advise CRA for this ?

    or can I simply do it with with ''change return'' link in the File section of 2021 Turbotax ?

    TurboTaxSusan
    April 21, 2024

    Yes, you should be able to make the change withing TurboTax.