krista5
New Member

business incorporated 2019 CCA schedule not reflected in income so balance sheet not balanced

I have input income expenses on form S125 without adding cca expense  and  I have also completed S8 cca schedule on business incorporated 2019 turbo tax. Now , when inserting figures on balance sheet it is not balancing because the cca figure from s8 is not being included in the income. I fear if I add an expense line item for cca turbo tax will double count the cca because it already has inserted the cca from S8 onto the line "income for tax purposes". But balance sheet is automatically taking line 9999 of the income statement form S125  and inserting under the retained earnings section of the balance sheet, so balance sheet will not balance. What should I do?

Troubleshooting

Hi, thank you for using Intuit TurboTax community

Entries are required for both s100/s125 and schedule 8. The amortization would be shown on s100/s125 for book purposes and are adjusted on schedule 1 to add the book amortization back to income. Schedule 8 is then used to calculate the CCA allowed for tax purposes. So, book amortization is added back on schedule 1 and the allowed CCA is subtracted from net income on schedule 1.

Hope this helps