Line 121 leads me to believe it is interest income. Go to Income > Investments > Interest on bank accounts not reported on t slip. See attached screenshot. This will populate the amount on line 121.
Hi. I have used this tip, but it won't allow me to access the line for 121 etc. without upgrading my Turbotax Standard/Deluxe to Turbotax Premium. Is this a bug?? I have always used Standard (called Deluxe this year), and it seems very unnecessary to upgrade simply because I have not collected enough interest for the bank to generate the T5. How do I get around this?
Thank you!
@lidiabad There have been changes made to TurboTax Online. To enter any kind of investment income (including interest) on your return, you will need to use TurboTax Premier Online or higher. Please see this TurboTax FAQ for more information: Why did I have to upgrade my TurboTax Online edition?
Hi Susan,
Thanks for replying to the above message. I am a bit confused, I received less than $50 interest on my savings account this year, therefore no T5, and therefore I need to enter investment income manually. So to report this <$50 income, I need to spend $69.98 for TurboTax Premier??? Been using Turbotax for years but certainly will not use it anymore if that is the case.
Thanks for your answer.
JT
Unfortunately, to enter any kind of investment income (including interest) on your return, you will need to use TurboTax Premier Online or higher.
Thank you for your feedback.
i bought the standard version from a store...went to do my taxes...cannot enter small amount of interest income without upgrading at a cost of $69.98...i already spent $34.99 on the box. I was told i cannot apply my purchase code to reduce the charge...This is unfair business practice...there should be credit for the money I already spent. liz
I completely agree with your comment and TurboTax (Intuit) has just lost lots of customers for this poor business practice! Definitely my last year using it.
I too have been using turbotax for 10 years. I received $22 in interest so received no slip so would have to do premier and spend an additional $40. I have only one T4. Will not be using turbo tax anymore.
Your information may not have changed but the Canada Revenue Agency (CRA) changes the way things are calculated every year which might make a difference in certain deductions or new credits being allowed. When you start a new return, TurboTax will ask you questions about your tax situation and recommend the best product for you. As you work on your taxes, you may have to change products based on the complexity of your return. You may be upgraded to help claim expenses you’re entitled to, but might not know about.
Thank you for choosing TurboTax.