Why do I have a Net self-employment income of -11,...

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New Member

Why do I have a Net self-employment income of -11,600? I started my return using last year's and am answering the guided questions.

Is this a Basic Personal Amount or something similar?

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Moderator

Why do I have a Net self-employment income of -11,600? I started my return using last year's and am answering the guided questions.

If your expenses are more than your self-employment income, then you can end up with a negative amount (loss). This loss will be used against income from other sources, or carried forward if your self-employment income is your only source. If you have any CCA assets, you can reduce the loss by not taking the full CCA amount for the year, allowing you to leave it in your UCC balance for future years.

If you don’t think you should have a loss this size, double check your self-employment income & expenses. If you are still unable to resolve this issue, please contact our phone support as they will be better able to assist you (*Not available for TurboTax Free users*). https://turbotax.community.intuit.ca/replies/3152013


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