This does not download stock transactions from your broker, but it downloads this information from your CRA Account portal. Question: Does the Canadian Version of TurboTax Premier log into my brokerage account and capture all my stock purchases and sales for CRA Schedule 3 just as the US version does for Form 1099 data?Īnswer: The Canadian version of the Premier Turbotax has a feature called “Auto-fill My Return”. Click “Start/Revisit” next to “Self-Employed Retirement Plans” and answer all the questions to enter your data.
Then scroll down to the “Other Business Situations” section and click the link given there. To manually get to the location, select the "Income & Expenses" tab and check the option for more tax breaks. This makes a cash balance plan a “Defined Benefit Plan.” So that’s where you need to enter the data. It's different in the sense that an employee can expect a predetermined benefit, unlike a standard 401(k), which is dependent on the fund’s performance. You need either “Home and Business" or the “Business Federal” for this. But now, you need to get to the proper location by manually searching for the correct term. Where do I input cash balance plan in TurboTax?Īnswer: A Cash Balance Plan is another type of pension plan, and it used to be under “less common business deductions" in TurboTax in prior years. Question: I have a 401K pension plan and cash balance plan. Then you can have a real CPA review your return for accuracy. Question: Will I be able to ask a tax expert questions if I purchase TurboTax?Īnswer: That service is available at an additional fee with an option to include that at the end of entering your data. You won't miss any opportunity to reduce your taxes that are available to you. TurboTax helps maximize your deductions and credits. These are all covered with precise guidance according to IRS regulations as TurboTax walks you through your return. The following table shows some deductions that can reduce taxes. It will give you the option of improving your situation by not taking all the deductions that could trigger an audit. By the way, if you have a lot of deductions for a self-employed business and not much income, then TurboTax will warn you that your chance of an audit is high.
0 kommentar(er)
