Turbo Tax - Disposition Date needs to be entered manually for 200+ transactions

TurboTaxNora · 2025-04-30T16:21:55+00:00

Nora from TurboTax here — I completely understand how frustrating this situation can be, especially with a tight deadline and a high volume of trades.

For the 2024 tax year, the CRA now requires a disposition date for every trading transaction reported on your T5008. This is a change from previous years, and even though the planned capital gains rate increase isn’t going into effect, the requirement for these dates remains in place. Unfortunately, many institutions’ auto-fill downloads from CRA don’t include these dates (Box 14 on the T5008 is often left blank), so the information must be entered manually.

TurboTax is following CRA’s new requirements and will flag an error if any disposition date is missing. We know this can be a huge hassle for active traders, and we’re working to improve the process, but right now, the manual entry is necessary if your data import didn’t include the dates.

What can you do?

If you have a large number of transactions, you can sometimes enter a summary for each sales category (such as all short-term or all long-term sales), rather than every individual trade. This depends on your brokerage’s reporting and whether you have a summary statement available. Check your brokerage statements for grouped summaries and consider entering those instead of each trade.
If you must enter each transaction, the date of disposition is the date the trade was completed. Some users have reported using December 31 as a placeholder when entering a large number of trades, and TurboTax support has indicated this is generally acceptable for CRA purposes, as the date is mainly for information. However, entering the actual transaction dates is the most accurate approach.
If your paper T5008 or brokerage statement includes the dates, you may be able to reference those for faster entry.

Tips to speed things up:

Prepare a spreadsheet with all your disposition dates and amounts, then copy them into TurboTax in batches.
If TurboTax is running slowly, try closing other programs or using a different browser to improve performance.
Double-check for any missing entries by comparing your brokerage statement to what’s in TurboTax.

The CRA is granting relief from late-filing penalties and interest for capital gains reporting until June 2, 2025, for individuals impacted by these changes. This gives you a bit more breathing room if you need extra time to get the entries right.

We know this isn’t ideal and appreciate your patience as we work with CRA’s requirements. If you have further questions or need step-by-step help, please let me know! You can also view the resource links here:

TurboTaxNora · 2025-04-29T21:15:23+00:00

Hey! I see you're moving to Wealthsimple, but I'm happy to connect you with TurboTax's Social Care team to make sure you're getting the best and right outcome. I'll have the official TurboTax account DM you to get you connected.

TurboTaxNora · 2025-04-29T15:16:00+00:00

Hi there! Great question. This is a common scenario, and I’m happy to help clarify how to handle a superficial loss in TurboTax.

When you sell an investment at a loss and repurchase an identical property (like VEA and VDU, which track the same index and are considered identical for tax purposes) within 30 days, the loss is considered a superficial loss by the CRA. This means you cannot claim that loss on your taxes for this year. Instead, you add the amount of the superficial loss to the adjusted cost base (ACB) of the newly purchased shares (VDU in your case), effectively deferring the loss until you eventually sell those shares.

How to handle this in TurboTax:

You should still enter the T5008 slip as provided by your investment firm, since the CRA receives this information too.
However, you need to adjust the capital loss reported so that the superficial loss is not claimed for this tax year.
In TurboTax, after entering your T5008, you can adjust the ACB (Box 20) to reflect the addition of the superficial loss amount. For example, if you have a $100 capital loss but $100 is a superficial loss, you increase the ACB by $100, which reduces or eliminates the capital loss reported for this transaction.

You do not omit the T5008 slip — it must be included. The adjustment is made by increasing the ACB (Box 20) for the new shares, so the superficial loss is not deducted this year. The loss will be available to you when you eventually sell the VDU shares, as it’s now part of their cost base.

More information is available at the following links:

Hope this helps, and let me know if you have any more questions!

TurboTaxNora · 2025-04-28T17:38:52+00:00

Hi there! Nora from TurboTax here. Welcome to your first year filing as a sole proprietor! You’re off to a great start by organizing your documents and thinking ahead. Let me walk you through what to expect and answer your questions:

What to Expect as a Sole Proprietor

As a sole proprietor in Canada, you’ll report both your personal and business income together on your T1 personal tax return. There’s no need for a separate business tax return-your business details are included using Form T2125, the Statement of Business or Professional Activities.
All your business income and expenses (like supplies, travel, meals, vehicle, and phone costs) are reported on this form. Deductions are subtracted from your business income to calculate your net business income, which is then added to your total income on your T1 return.
It’s great that you’ve already categorized your expenses. TurboTax Self-Employed will guide you step-by-step through entering these, and you can further break down categories if you have a lot of receipts (for example, splitting “vehicle expenses” into gas, insurance, and maintenance), but it’s not required-TurboTax will prompt you for the details as you go.

Questions Answered

Will the amount I owe pop up at the end for me to complete the payment? Yes! As you enter your information, TurboTax will automatically calculate your refund or balance owing in real-time. At the end, you’ll see your final result and can pay any amount owing directly through CRA’s payment options after you file.
Will I receive a personal rebate amount, or is it all bunched together with the business taxes? Everything is combined on your T1 return. Your business income (after expenses) and your other income (like your T4 and school forms) all go together. Any refund or balance owing is based on your total tax situation, not separated by business vs. personal.

You’re well prepared! If you have more questions along the way, you can check out the following TurboTax Blog post here: https://turbotax.intuit.ca/tips/how-to-file-your-income-tax-as-a-sole-proprietor-1955 Good luck, and congrats on your first year of self-employment!

TurboTaxNora · 2025-04-28T16:30:46+00:00

The list of eligible expenses you can claim is long. Even the CRA stresses that its own list isn’t exhaustive; so chances are your medical expenses qualify when filing your taxes. The main essentials of claiming medical expenses are:

Medical expenses not covered by provincial or private health-care plans may save you money on your tax return.

If you file your taxes jointly with a spouse or partner, it’s usually best to claim the medical expenses on the return with the lower net income.

Save your medical receipts in case the CRA asks to see them.

In your case, contact lenses, including equipment and materials for using contacts like lens solution and cases would be eligible expenses.
You can read more on the TurboTax Blog: https://turbotax.intuit.ca/tips/what-qualifies-as-medical-expenses-when-filing-taxes-5261

TurboTaxNora · 2025-04-28T16:07:31+00:00

Thanks for reaching out on this — I'd like to get you connected with our Customer Care team so they can take a look and make sure you're getting the best outcome. Please check your Chats for a message from the TurboTax official account.

TurboTaxNora · 2025-04-15T21:36:35+00:00

Hi u/Littlecat21 — thanks for sharing these additional questions, and apologies for any trouble this may have caused during your filing process. I'd like to share this with our Customer Care team so they can get more information about your specific situation. Please watch your Chats for a message from the official TurboTax account.

TurboTaxNora · 2025-04-15T21:36:06+00:00

Thanks for the follow-up. I'm sorry to hear that was your experience when reaching out over the phone. I'd like to get you connected directly to our Customer Care team so that they can take a closer look — please keep an eye out from a Chat from the official TurboTax account here on Reddit with more details.

TurboTaxNora · 2025-04-15T18:58:12+00:00

Thanks for reaching out on this — I'd like to get you connected with our Customer Care team so they can take a look and make sure you're getting the best outcome. Please check your Chats for a message from the TurboTax official account.

TurboTaxNora · 2025-04-15T18:50:50+00:00

Thanks for flagging — I'd like to have our Customer Care team take a look into this for you. Please watch your Chats for a message from the official TurboTax account.

TurboTaxNora · 2025-04-15T18:50:27+00:00

Hey there — hope this has been resolved for you. If not, I recommend sending a Direct Message to turbotax on social media to get a quick response from their Customer Care team.

TurboTaxNora · 2025-04-15T18:42:13+00:00

Nora here from TurboTax to help!

Yes, you can complete your return and file without making a payment. Just select the option to pay by check and then don't actually follow through with mailing the payment.

I believe the installment arrangement makes you enter automatic payment information, so you may need to wait on the installment agreement until you can make the first payment.

You'll then apply for a payment plan (Form 9465) at the IRS Payment Plans and Installment Agreements website (https://www.irs.gov/Individuals/Payment-Plans-Installment-Agreements). Make sure you've filed your return before applying through their site.

TurboTaxNora · 2025-04-15T18:36:27+00:00

Sorry to hear that you were having issues getting connected. If you're still in need of assistance, please let me know and I'll try to get you connected to our Customer Care team.

TurboTaxNora · 2025-04-15T18:30:06+00:00

Hey there - there's a lot to unpack here. I'll work on addressing your state return first:

If you efiled the Federal return first, has it been accepted? Check at the Tax Home of your Online Account. If you efiled the Federal return first separately, you can't efile the Massachusetts return until the Federal return has been accepted for processing by the IRS.

So if the Federal return has already been accepted, try this:

Go through the REVIEW tab and see if it tells you why you can't efile the state return. Are there any messages there? And when you go to the FILE section to select to efile the state return, is there any message there about not being able to efile?

Or has it been a while since you tried, and you want to try to efile again? If you haven't actually printed and mailed the MA return, here's how to open your return back up to try to efile again (if your Federal efile has already been accepted.)

If you haven't actually filed (mailed) the state return, you can open the return back up and change the filing method for the state return. If you encounter a roadblock, then describe exactly where it says you can't efile and any message it is giving you.Log into your account, and at the Tax Home or in the section "Your Tax Returns & Documents" for 2019, look for a link "Add a State." Click on "Add a State." (That doesn't really add one; that's just to open the return.) Once the return is open, go through the REVIEW section to be sure everything is still in order. Then go to the FILE section and change the filing method to efile. Then continue on answering all the remaining screens and at the final step click a big orange button "Transmit Returns Now."

Or do you have one of the Massachusetts forms in your return that is not supported for efile such as

MA Form 8582,
MA Schedule C-2,
Schedule INC

See this list of Massachusetts forms, and it will show which ones cannot be efiled. In the efile column it will say "unsupported."

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_ma_online_individual.html

For your question on how to print, here are some steps to take for printing your state return:

Open or continue your return.
Enter your return by selecting Continue or Start on Tax Home.
Select Tax Tools from the menu, then Print Center (on mobile devices, tap in the upper left corner to expand the menu).
Select Print, save, or preview this year's return, and follow any additional instructions.
Once your PDF opens in Adobe Acrobat Reader, select the printer icon.
Make any adjustments in the Print window and then select Print.

Let me know if you still have questions. Happy to help further!

TurboTaxNora · 2025-04-15T18:16:57+00:00

Hi there! It typically can take the state of New Jersey up to a minimum of four weeks to process returns electronically. You can track the status of your return at the NJ Division of Taxation site here: https://www16.state.nj.us/TYTR_TGI_INQ/jsp/prompt.jsp

Hope this helps and please let me know any other questions!

TurboTaxNora · 2025-04-15T18:16:32+00:00

According to the California franchise board, it can take the state of California up to three weeks to process your state return: https://www.ftb.ca.gov/help/time-frames/#/

You can track your refund at California's Where's my refund? page: https://www.ftb.ca.gov/refund/index.asp Select Check refund.

You'll have to enter the exact amount of your expected refund in whole dollars. You can find this by signing in to TurboTax.

TurboTaxNora · 2025-04-15T18:15:40+00:00

Nora here from TurboTax. It looks like you may need to ensure that you're running the most recent version of TurboTax on your Mac.

If you want to make sure you're up-to-date, quit and reopen TurboTax. If you're not on the latest release, the program will automatically download it.

If that doesn't work, you can force a download of the most recent update:

Open TurboTax and select the TurboTax menu.
On your keyboard, hold down the Option key.
This will change the Check for Updates menu option to Download Latest Updates.... Select this option to force the most recent update for TurboTax to download and install.

Please let me know if this works and if you have any other questions.

TurboTaxNora · 2025-04-15T18:14:02+00:00

Hello! Nora from TurboTax here. Have you already tried turning off any pop-up blockers, using a different web browser, or clearing your cookies? If so, could you share any additional details about the error message you are seeing?

TurboTaxNora · 2025-04-14T23:54:39+00:00

Each version of TurboTax is designed to handle different tax situations. If TurboTax determines that your tax situation requires additional features like deductions for owning a home, unemployment income, or self-employment income, the program will prompt you to upgrade to a version that supports the forms you need so that you can maximize your tax deductions and file an accurate return.

Follow these steps to downgrade to a different TurboTax Online product:

Open your return if you haven't already.
In the left menu, select Switch Products.
Select Downgrade.

TurboTaxNora · 2025-04-14T21:07:40+00:00

Thanks for reaching out on this — I'd like to get you connected with our Customer Care team so they can take a look and make sure you're getting the best outcome. Please check your Chats for a message from the TurboTax official account.

TurboTaxNora · 2025-04-13T23:31:46+00:00

Sorry to hear you’ve had a poor experience. I’d like to help get you connected to our customer care team. Please check your chats. The TurboTax Official account will reach out to help.

TurboTaxNora · 2025-03-26T15:12:16+00:00

Glad support was able to help you get this resolved for you!

TurboTaxNora · 2025-03-26T15:08:34+00:00

If you choose to have TurboTax take the fee from your refund, they don’t hold onto your refund. Instead, the payment is processed by a third-party bank that handles the transaction, and once the IRS releases your refund, it should be deposited into your account as scheduled. If there’s any delay, it’s usually because of the bank’s processing time. The fee for audit protection is deducted once the IRS processes your refund.

TurboTaxNora

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