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posted Oct 31, 2019 3:07:44 AM

I had self employment income last year but not this year. Why is turbotax showing a negative net self employment amount for me under income?

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1 Replies
Level 15
Oct 31, 2019 3:07:46 AM

When you transferred your tax information from last year to this year's TurboTax return, you likely had some Capital Assets you were claiming Capital Cost Allowance (CCA) on. The program automatically claims a CCA deduction on these items, creating a business loss.

You'll need to delete the T2125 - Statement of Business Activities that the information has carried forward from. To do so, use the Find icon and type in Self Employment. Then navigate to the T2125 - Business Summary and delete the form which is showing the negative amount.