On Schedule 7, there is an apparently new section (1/3 the down Schedule 7, it says: "if this is your first tax return after 2018, complete the following portion").
It first asks about eligible capital gain/losses from previous tax years. (not applicable to me)
Then it asks for:
Total income from Property (for each tax year ending) in the preceding calendar year - even though I have been using TurboTax Incorporated for many years, the software didn't carry anything forward from the previous year. So I opened my tax return ending Dec 2018 and put in the value (interest earned by corporation in my case). It didn't seem to affect my tax payable for this year and I don't understand what this new information is for. Any insights from others would be appreciated.
I'm stuck here too. I don't have anything to put in. A small amount of interest from 2018 but no investments, capital gains or property. I can't file until I figure this out.
What does it mean "is this the first tax year starting after 2018"? The first time the corporation has filed ever, but after 2018?
Anyone who understands this and can help will be greatly appreciated!
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