Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
English EN

Pick a language

Canada Français United States of America English
cancel
Showing results for 
Search instead for 
Did you mean: 
lmichaels77
New Member

Corp Taxes, Part 1, how do I tell TurboTax to not claim it the General Tax reduction?

 
1 Best answer

Accepted Solutions
Delphision
New Member

Corp Taxes, Part 1, how do I tell TurboTax to not claim it the General Tax reduction?

Passive income.  You need to make sure that Schedule 7 is filled out.  Make sure that your income is listed correctly on schedule 125 under rental or investments so that the software knows that it is passive. It should calculate correctly.   Where it is entered on the form denotes active or passive income which should flow through.


View solution in original post

3 Replies
Delphision
New Member

Corp Taxes, Part 1, how do I tell TurboTax to not claim it the General Tax reduction?

Passive income.  You need to make sure that Schedule 7 is filled out.  Make sure that your income is listed correctly on schedule 125 under rental or investments so that the software knows that it is passive. It should calculate correctly.   Where it is entered on the form denotes active or passive income which should flow through.


Delphision
New Member

Corp Taxes, Part 1, how do I tell TurboTax to not claim it the General Tax reduction?

If this is the small business tax credit, is there a reason not to claim it?  Are you trying to apply it to a connected corporation?

lmichaels77
New Member

Corp Taxes, Part 1, how do I tell TurboTax to not claim it the General Tax reduction?

The small business isn't eligible for this credit. Revenue isn't active - I think that is the phrase, it just comes in without you working for it like a normal business.
v