Changing Form T2125, Statement of "Professional" to "Business" Activities

FarmerDave · ‎March 10, 2020

Years ago I entered my information for my 2 home businesses under Form T2125 Statement of "Professional" Activities when it should have been entered under "Business" Activities. I have been doing it incorrectly for years. Is there an easy way to switch this over to the business form in turbotax and correct this error as I would like to keep the autofilled information such as equipment depreciation, losses etc. from other years and not sure how this will affect my return on the governments end with previous years losses and such?

Thanks,
Dave

TurboTaxSusan · ‎May 9, 2020

Unfortunately, if you have been using the wrong version of the T2125, the only way to change it is to redo the form from scratch. If you are using EasyStep mode, you would need to delete your existing business, and then create a new one with "Other Type of Business" selected. If you are using Forms mode, then delete your current form, and then re-enter your information on the T2125 B.

baberice@hotmail · ‎April 4, 2023

Where do I find T2125 Statement of Business or Professional Activities?

TurboTaxSusan · ‎April 5, 2023

baberice@hotmail Use the “Find” tool 🔍 to search for “self”. Select “Self-Employment” and then click the “Go” button.

Changing Form T2125, Statement of "Professional" to "Business" Activities

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