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daneshp
February 25, 2022
Solved

I reported a capital gain in 2020 using TurboTax Online. I have a capital loss in 2021 that I'd like to apply against my 2020 gain. How is that done with TurboTax online?

  • February 25, 2022
  • 1 reply
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Could someone please help provide details on how capital loss carryback can be done using the TurboTax online (web) tool?
    Best answer by lena22sx

    As per Canada Revenue Agency (CRA): To carryback a capital loss, you must complete Form T1A, Request for Loss Carryback.

    Complete the following steps:

    1. Click on > Deductions > Losses Profile > Request for Loss Carrybacks

    2. Select for whom the losses will be claimed > click Continue until you reach the page Net Capital Loss Carrybacks.

    3. Choose the amounts you wish to have applied to previous years 

    Please visit the following TurboTax FAQ: Where do I report capital gains or losses in TurboTax Online?

    Thank you for choosing TurboTax. 

    1 reply

    L
    lena22sxAnswer
    February 27, 2022

    As per Canada Revenue Agency (CRA): To carryback a capital loss, you must complete Form T1A, Request for Loss Carryback.

    Complete the following steps:

    1. Click on > Deductions > Losses Profile > Request for Loss Carrybacks

    2. Select for whom the losses will be claimed > click Continue until you reach the page Net Capital Loss Carrybacks.

    3. Choose the amounts you wish to have applied to previous years 

    Please visit the following TurboTax FAQ: Where do I report capital gains or losses in TurboTax Online?

    Thank you for choosing TurboTax. 

      D
      daneshpAuthor
      March 6, 2022

      Thank you for the information. I have a quick follow-up question. My 2020 tax return generated using TurboTax shows the "taxable capital gain" but I don't see any mention of it in my 2020 notice of assessment. I don't see any specific line in the notice of assessment indicating taxable capital gains. Is this expected? Can I simply assume the gain was accurately registered since it shows up in my TurboTax return for 2020 and proceed with the capital gain carry back for 2020?

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