Does Turbo Tax automatically calculate if CRB repayment is required and the amount need to repay?

[gyu001]

E.g. Received $20000 CRB during 2021. If Line 23600 Net income is $50000, do we deduct $20000 from $50000, bringing net income to $30000, so under the $38000 threshold, hence do NOT need to repay any CRB?

[Carolina_22]

Once you input your CRB information from your T4A slip, TurboTax will automatically calculate if you need to make a repayment.

If your employment or self-employment income in the calendar year is $38,000 or more, you will have to reimburse $0.50 of the CRB for every dollar of the net income you earn above the $38,000.

For example:

• If your net income is $40,000 and you are receiving CRB, you are $2,000 above the threshold: $40,000 – $38,000 = $2,000
• In this case, you will have to pay $1,000 back to CRB.

The net income for the purpose of calculating the reimbursement does not include the payments from CRB. But includes payments from other emergency response benefits such as CERB, CRSB, and CRCB.

For more information please refer to the following TurboTax article:

• The Canada Recovery Benefit (CRB) 
• How do I claim a tax deduction on my COVID-19 benefit repayment?

Thank you for choosing TurboTax

[Carolina_22]

Once you input your CRB information from your T4A slip, TurboTax will automatically calculate if you need to make a repayment.

If your employment or self-employment income in the calendar year is $38,000 or more, you will have to reimburse $0.50 of the CRB for every dollar of the net income you earn above the $38,000.

For example:

• If your net income is $40,000 and you are receiving CRB, you are $2,000 above the threshold: $40,000 – $38,000 = $2,000
• In this case, you will have to pay $1,000 back to CRB.

The net income for the purpose of calculating the reimbursement does not include the payments from CRB. But includes payments from other emergency response benefits such as CERB, CRSB, and CRCB.

[Carolina_22]

For more information please refer to the following TurboTax article:

[Carolina_22]

• The Canada Recovery Benefit (CRB) 
• How do I claim a tax deduction on my COVID-19 benefit repayment?

Thank you for choosing TurboTax