Error code 308

You’ll see the following error message in H&R Block’s tax software if, you didn’t report the sale of your qualified small business corporation shares (QSBCS) on the Capital gains (or losses) in 2017 (Schedule 3) page, and on the Summary of reserves on disposition of property (T2017) page you entered an amount of 2017 reserve of dispositions that was more than your amount of 2016 reserve of dispositions:

Unless you're reporting a 2017 gain (or loss) from the disposition of qualified small business corporation shares (QSBCS) on the Schedule 3, the amount of 2017 reserve for dispositions of QSBCS to your child after March 18, 2007 and all other dispositions of QSBCS after 2012, can’t be more than the same amount for 2016 on the T2017 page. Let’s take a moment to go back and double-check these amounts. [error code: 308]

How do I fix this?

To correct this error, return to the Summary of reserves on disposition of property page and correct the amounts in the following fields under the Dispositions of qualified small business corporation shares (QSBCS) section:

  • Amount of 2016 reserve for dispositions of QSBCS to your child after 2006 and before March 18, 2007, and all other dispositions of QSBCS after 2011 (enter the amount from line 6688 on your 2016 T2017 form)
  • Amount 2017 of reserve for dispositions of QSBCS to your child after March 18, 2007, and all other dispositions of QSBCS after 2012

Keep in mind, your reserve of dispositions from 2017 can’t be higher than your reserve of dispositions from 2016.

Note: You can find the Summary of reserves on disposition of property (T2017) page under the PENSION PLANS AND INVESTMENTS icon of the PREPARE tab, as long as you select the checkbox labelled I had investments and/or investment income on the LET’S TALK ABOUT 2017 page.

 

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