Claims and deductions topics

Home office deduction part of year

jeff1253 — Tue, 21 Jan 2020 04:20:26 GMT

I am using the installed version of TurboTax Home and Business. I am trying to enter information on a home office. I used the office only for the first six months of the year, then retired. Do I enter the expenses (mortgage interest, utilities, etc.) for the entire year or only prorate for the six months of the year when I used the office?

When I entered the entire year's expenses, TurboTax askes how many months I used the office, but calculates the same deduction whether I enter 12 months or 6 months or even 1 month.

How do I override the optimization to claim medical expenses on my return and my spouse's return?

TurboTax Support — Thu, 28 Apr 2022 17:13:10 GMT

To claim medical expenses for tax year 2021, your expenses must total more than 3% of your net income, or $2,421 (whichever is less). By combining all your medical expenses on one return, you're more likely to reach that 3% mark. It’s usually most beneficial for the lower income earner to claim all the medical expenses, as the 3% threshold will be lower. TurboTax is designed to optimize your medical expense claim and will claim them on one return. There's no limit on the total amount of medical expenses you can claim in a year. Note: Remember to claim the corresponding non-refundable Provincial and territorial tax and credits for individuals on line 58689 of your provincial or territorial Form 428. If you’re a Québec resident, you may also be entitled to the Refundable tax credit for medical expenses. In TurboTax Online There's no way to override the medical expense optimization in TurboTax Online. If you want to split medical expenses between you and your spouse/partner, you need to prepare your returns separately. In TurboTax CD/Download You'll need to override the amount on the line for Medical expenses for self, spouse or common-law partner, and your dependent children born in 2003 or later of your T1 General form. To do this: Select Forms from the TurboTax menu if you’re ...

Where do I claim my employment expenses in TurboTax Online?

TurboTax Support — Fri, 10 Dec 2021 19:00:18 GMT

https://youtu.be/ZCt8FtO77pg If you're a salaried or commissioned employee who had to work from home 50% or more of the time for at least four consecutive weeks due to COVID-19, or if you're self-employed, then you're eligible to claim home office expenses on your 2021 tax return. To claim employment expenses, choose the following scenario that best describes you, then complete the listed instructions: If you're a salaried or commissioned employee Select Find (or the magnifying glass icon) from the TurboTax menu In the Find window, type employment Select Employment Expenses from the list of results, then select Go On the Employment Expenses step, select Yes On the Employment Expense Profile step, make the selection that best applies to your situation, then select Continue Follow the instructions that appear on-screen to enter your expenses You've finished the expenses section when you reach the Your Employment Profile step Note: To claim this deduction (line 22900 of your tax return), you must qualify under the new COVID rules, OR have a signed T2200 or T2200s from your employer showing the conditions of your employment. Don’t file the T2200 or T2200s with your return but do keep a copy for your records. If you're using TurboTax Self-Employed Online Note: For tax year 2021, th...

What CCA classes should be used for computer and electronic office equipment, networking equipment, and software?

TurboTax Support — Wed, 24 Nov 2021 15:33:54 GMT

The capital cost allowance (CCA) rate for computer and electronic office equipment and systems software for that equipment falls into one of three classes, depending on when it was purchased: Purchased after March 18, 2007: Class 50 Purchased after March 22, 2004 and before March 19, 2007: Class 45 Purchased before March 23, 2004: Class 10 Note: Alternate rules may apply to Class 10 and Class 45 if you previously chose to make an election for equipment/systems purchased before 2005. The CCA rate for networking equipment and systems software for that equipment falls into one of two classes, depending on when it was purchased: Purchased after March 22, 2004: Class 46 Purchased before March 23, 2004: Class 8 Once you select a CCA class, TurboTax will make calculations based on the CCA rate for that class. Visit the CRA's website to find out more about the most common capital cost allowance (CCA) classes. Related information How do I find the proper CCA (Capital Cost Allowance) class?

Where do I enter my public transit pass amounts?

TurboTax Support — Fri, 28 Jan 2022 21:06:19 GMT

As of July 1st, 2017, the federal public transit amount has been eliminated. For tax years after 2017, qualifying seniors who live in Ontario can claim the Ontario seniors’ public transit credit. To claim the Ontario senior’s public transit credit TurboTax online Select Find in the upper-right hand corner. Type Provincial Tax Credit Profile and select Go. From the Your Provincial Tax Profile step, check Ontario Seniors’ Public Transit Credit and then select Continue until you reach the Ontario Seniors' Public Transit Tax Credit s TurboTax CD/Download Select Find in the upper-right hand corner. Type Public Transit and select Go.

How do I find the proper CCA (Capital Cost Allowance) class?

TurboTax Support — Mon, 25 Oct 2021 09:11:30 GMT

You can find your CCA class by checking CRA’s (Canada Revenue Agency) a list of Capital Cost Allowance (CCA) classes, or by checking Government of Canada’s complete list of CCA classes. Some common classes include: Vehicles ($30,000 or less pre-tax): Class 10 Vehicles (more than $30,000 pre-tax): Class 10.1 Furniture and appliances: Class 8 Most buildings acquired after 1987: Class 1 Note: If you used TurboTax last year and have imported last year's tax information into your return, any classes that have remaining UCC (Undepreciated Capital Cost), balances will be transferred automatically to your return, including the UCC and class number. Related information: CRA’s list of common Capital Cost Allowance (CCA) classes Government of Canada’s complete list of CCA classes What CCA classes should be used for computer and electronic office equipment, networking equipment, and software? Self-employment Centre

How do I override TurboTax's donation optimization calculation?

TurboTax Support — Mon, 18 Jul 2022 22:01:49 GMT

TurboTax automatically calculates credits and deductions so that you get the best tax benefit. With charitable donations and gifts, this typically results in all donations being claimed on the return of the spouse with the higher net income. The tax credit on the first $200 of donations and gifts is at a lower rate (15%) than the remaining balance (29%). When you split charitable donations between yourself and your spouse or common-law partner, you effectively cause the tax credit to be 15% of the first $400, reducing the tax credit. Generally, you can claim all or part of your eligible donations, up to the limit of 75% of your net income. For this reason, it's usually better for the person with the higher net income to claim charitable donations on their return, as they can claim a higher amount. If you’d prefer to override the optimization, here’s how: Instructions for TurboTax Online Select Find from the menu In the Find window, enter donations profile and select Go Select the Donation receipts made to a qualified charitable organization not reported on a T-Slip box, then Continue If you haven’t already, enter your donation amounts and select Continue (Note: It doesn’t matter whose return you enter the amounts on) On the Charitable Donations Receipts Summary, select Done Wi...

How do I enter union, professional, and other dues?

TurboTax Support — Tue, 19 Jul 2022 14:23:02 GMT

You enter your union, professional, and other dues when you input your income and expenses information in TurboTax. These dues may be on your T4 slip, your Relevé 1 (if you were employed in Québec), or on a receipt. Follow the applicable instructions below to enter your union, professional, and other dues not already reported in box 44 of your T4 slip. Instructions for TurboTax Online Select Find from the menu Enter union and select Go Enter your amounts and select Continue Instructions for TurboTax CD/Download Select Find from the menu Enter payments profile, select it from the list, then select Go Select the Union, professional or like dues not reported on a T-Slip checkbox, then select Continue Enter your amounts and select Continue

Where do I enter political contributions?

TurboTax Support — Wed, 26 Jan 2022 19:40:16 GMT

You can claim contributions made in the current tax year to registered federal or provincial political parties or to federal or provincial election candidate(s). You can't claim political contributions made to a candidate or party in a municipal election unless you live in Québec. Important: You can't carry forward political contributions to a future year, so be sure to claim the full amount in the year you made them. Instructions for TurboTax Online Select Find (or the magnifying glass icon) from the menu Enter political contributions and select Go On the Political Contributions step, enter your amounts Instructions for TurboTax CD/Download From the menu, select PROFILE and then the name of your profile In your profile, select Continue to get to the second page Answer Yes to the question Did you make donations to a charity or political party? Select I made political contributions, then select Continue Select Find (or the magnifying glass icon) from the menu Enter political contributions, select the result, and then select Go On the Political contributions step, enter your amounts Related information Do I have to claim charitable donations the same year they were made? Do I need to submit my charitable donation receipts when I file my taxes? How do I split charitable donations...

Can I claim the fee I pay for a safety deposit box?

TurboTax Support — Mon, 18 Jul 2022 14:36:00 GMT

As of tax year 2014, you can no longer claim safety deposit box expenses. Consult the CRA website for a full list of eligible carrying charges and interest expenses.

I'm self-employed. How do I claim vehicle expenses?

TurboTax Support — Mon, 18 Jul 2022 15:03:34 GMT

https://www.youtube.com/watch?v=17AYNgDlY7s If you used your vehicle to earn self-employed income, then you're eligible to claim vehicle expenses. These expenses can be used to reduce the amount of taxable business income you earned. While you may not claim the total amount of your vehicle expenses, you may be eligible to deduct the percentage that relates to your business activities. Watch the video above to learn how to enter these expenses into TurboTax Self-Employed, or refer to the instructions below for help on entering them into TurboTax Online or TurboTax CD/Download. Enter your vehicle expenses in TurboTax Online From the Income section in the menu, select Self-Employment, then select Self-Employment Intro Enter your self-employment information on the screens that follow, selecting Continue after you complete each screen When you arrive at the Did you have any work-related vehicle expenses? screen, select Yes, then Continue You'll reach Your Vehicle Expenses Summary. Select Add a Vehicle for Business Use Fill out applicable information on the form provided, then select Continue You'll be brought back to Your Vehicle Expenses Summary. Select Done with Vehicles Enter your vehicle expenses in TurboTax CD/Download From the INCOME & EXPENSES section in the menu, select Sel...

How do I claim a credit for a tradesperson's tools in TurboTax?

TurboTax Support — Tue, 01 Feb 2022 15:40:50 GMT

To claim a credit for eligible tools, enter their cost in the Employment Expenses section of TurboTax. You must have bought these tools during the tax year to earn employment income as a tradesperson or eligible apprentice mechanic. To claim this deduction, you'll need a signed T2200 from your employer that declares the conditions of your employment. While you don't need to file the T2200 with your return, you must keep a copy for your records. While following the applicable instructions below, be sure to enter the total amount you paid for the tool, not the tax credit amount ($500). TurboTax will use the amount of expenses paid that you enter to calculate the credit amount. Enter your tool expenses in TurboTax Online Before you begin, complete the Intro/Profile steps of your return until the Find button appears. Select Find from the menu Enter employment expenses and select Go On the Employment Expenses screen, select Yes Select the applicable checkbox for the form you received from your employer, then select Continue On the second Employment Expense Profile screen, select the Other Employment Expenses checkbox Answer the question Are you eligible to claim the GST/HST rebate, then select Continue When you reach the Other Employment Expenses screen, scroll until the Tradespers...

What types of legal fees can I claim as deductions on my tax return?

TurboTax Support — Fri, 01 Jul 2022 17:32:42 GMT

There are a number of legal fees that you may be able to claim as deductions on your tax return when filing. Not all legal fees paid during a tax year qualify, so it's important to understand the eligibility of your fees before attempting to claim them. The following list describes some of these instances, and also provides instruction on how to claim these deductions within TurboTax: Income tax preparations You might be able to claim legal fees related to income tax preparation in the following scenarios: Fees you paid to legal professionals for advice or assistance in responding to a request by the CRA to review your income, deductions, or credits; or Fees you paid to legal professionals to represent you to object to (or appeal), an assessment or decision under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan (CPP), or Quebec Pension Plan (QPP) To claim legal fees related to preparing your tax return, select the Find tool in TurboTax and search 'Miscellaneous Deductions'. This will take you to the page where you can claim this legal expense. Employment You might be able to claim legal fees to collect (or establish a right to collect) salary, wages, or other amounts related to employment (such as benefits or vacation pay), that are owed to you, even i...

How do I enter the contributions I made to a PRPP, Amateur Athlete Trust, Saskatchewan Pension Plan, or US retirement plan?

TurboTax Support — Mon, 31 Jan 2022 14:06:58 GMT

PRPPs, Amateur Athlete Trusts, the Saskatchewan Pension Plan, and US retirement plans are grouped together in the RRSP section of TurboTax. Select Find* (or the magnifying glass icon) from the menu. In the Find window, type RRSP profile and select Go. Check the relevant boxes and select Continue. *If you don't see the Find button, you may not have completed the Setting Up/Introduction section of your return. Continue through the Setting Up section until the Find button appears. Related information: How do I enter RRSP contributions in TurboTax? What are unused RRSP contributions and how do I enter them in TurboTax? How do I enter the contributions I made to a labour-sponsored venture capital corporation (LSVCC) fund?

What are instalment payments and how do I enter them in TurboTax?

TurboTax Support — Mon, 18 Jul 2022 21:41:43 GMT

Instalments are periodic payments of income tax that individuals pay to the CRA to cover tax they'd otherwise have to pay on April 30 of the following year. These payments are credited to an installment account. Typically, people pay their tax by having it withheld from their income throughout the year. However, if you receive income that has no tax ( or not enough tax withheld), you might have to pay tax in instalments. This can happen if you receive rental, investment, or self-employment income, certain pension payments, or income from more than one job. Important: Instalment payments aren't the same thing as payment arrangements. If you want to pay your balance owing in several payments instead of as a lump sum, for more information, visit the Arrange to pay your personal debt over time page on the CRA website. Follow the applicable steps below to enter instalment payments into TurboTax. First, fill out your personal information and build your tax profile to ensure optimal results. Instructions for TurboTax Online Select Find from the menu In the Find window, enter payments profile, then select Go Select the checkbox for Paid tax instalments for this year, then select Continue On the Paid tax instalments this year step, enter your instalment amount, then select Continue Ins...

Where do I claim meal, lodging, and employment expenses as a transport employee?

TurboTax Support — Thu, 03 Feb 2022 16:19:11 GMT

To claim amounts such as meals and lodging as a transport employee, you should first determine your eligibility by visiting the Transportation employees deduction page . If you're required to transport goods as part of your employment, you may also be able to claim travel and other expenses as part of your tax return. For more information, visit the Meal expenses of long-haul truck drivers page. Instructions for TurboTax Online Select Find from the menu and enter transport into the search field Select Transport Employee Expenses from the list of results, then Go. The Information for a Transport Employee screen appears Enter your period of employment and select the method you’re using to enter your expenses, then select Continue. The Trip Summary for Truck Drivers and Other Transport Employees screen appears Select either Enter New short-haul trip or Enter New long-haul trip, then enter your information and select Continue. The Trip Summary for Truck Drivers and Other Transport Employees screen appears If entering information for another trip, repeat the previous step. Otherwise, select Done with trips On the Repayments page, enter the amount your employer has or will repay you for your meals and lodging (if applicable), then select Continue Instructions for TurboTax CD/Downloa...

How do I claim the Disability Tax Credit transferred from my dependant?

TurboTax Support — Tue, 19 Apr 2022 18:28:04 GMT

To claim the Disability Tax Credit, you must first have an approved DTC application (form T2201) on file with the CRA, completed by both the person claiming the credit and a medical professional. If you’re transferring the credit from your dependant, Section 4 of the form must also be signed by the person with the disability. To enter this information into TurboTax, select from one of the following options: TurboTax Online Before claiming any DTC amounts, make sure you've already entered a dependant into your return profile. Once this is complete, you can transfer the Disability Tax Credit(s): Select Find, then enter disability amount transfer and select Go Select Enter Credit Info next to the dependant whose disability amount you want to transfer On the Claim Dependant Credits step, check Disability amount transfer, then select Continue Complete the Disability Transfer step and select Continue TurboTax will then automatically calculate the amount your dependant can transfer based on the income and other info you entered, deducting this amount from your balance owing (if applicable). You’ll find the calculated amount on your Dependant Credit Summary. TurboTax CD/Download Before claiming any DTC amounts, make sure you've already entered a dependant into your return profile. Onc...

How do I claim northern residents deductions?

TurboTax Support — Tue, 19 Jul 2022 21:02:13 GMT

There are two types of northern residents deductions: Residency deduction For northern zones, the basic deduction is $11 per day For intermediate zones, the basic deduction is $5.50 per day Travel deduction The maximum deduction for each eligible trip is the lowest of: The value of the taxable travel benefit received from your employer The actual amount you spent on the trip At the time of your trip, the lowest available return airfare between the airport closest to your home and the nearest designated city New this year: Starting with the 2021 tax year, you can now claim the travel deduction using a standard rate of $1,200. The new rules allow for the $1,200 standard rate instead of an employer allowance if you didn't receive one, or if the $1,200 rate is higher than the actual allowance provided. The instructions for claiming northern residents deductions in TurboTax vary depending on the type of return you're filing. Follow the steps below for a single or joint return. Instructions for a single return Select Find (or the magnifying glass icon) from the menu in TurboTax Type northern residents in the Find window Select Northern Residents Deduction from the list of results, then Go. The Northern Residents Deduction step appears Select [Name] Qualifies where you see the name o...

Where do I claim the home buyers' amount?

TurboTax Support — Thu, 03 Feb 2022 20:04:16 GMT

The Home Buyers’ Amount (HBA) is a non-refundable credit that allows qualifying first-time home buyers and purchasers with disabilities to claim up to $5,000 on line 31270 of their tax return. Spouses or common-law partners can divide the credit between their returns. Follow the applicable instructions to claim the home buyers' amount in TurboTax: Instructions for TurboTax Online Select Find from the menu and enter payments From the list of search results, select Payments Profile, then select Go Select the checkbox for First Time Home Buyer’s amount, then select Continue Select Yes to the question: Do you want to claim the Home buyer's amount? Answer Enter the amount of the credit you wish to claim on your return, then select Continue Instructions for TurboTax CD/Download Select Profile from the menu, then select Personal tax profile Scroll until you can select Continue Select Yes to the question: Did you buy a home, condo, apartment or mobile home this year? Select Yes to the question: Did you purchase a home and close on that home in 20XX? Answer the questions that follow. If TurboTax indicates that you qualify for the Home Buyers’ Tax Credit, continue to Step 6. If TurboTax indicates that you don't qualify, you can't claim the credit Select Continue. This saves your changes...

How do I enter the contributions I made to a labor-sponsored venture capital corporation (LSVCC) fund?

TurboTax Support — Tue, 25 May 2021 22:10:40 GMT

Labor-sponsored venture capital corporations, or LSVCCs, are Canadian corporations created by a union which deal exclusively in providing venture capital (funding in exchange for growth potential). If you have made contributions to a LSVCC, you will need to record these amounts on your return. Select your version of TurboTax (and province of residence), from the options below to get started. For online versions of TurboTax: Residents of Québec Select the magnifying glass icon (or Find), then type RRSP Profile and select Go. Select Made RRSP contributions during 2018 or the first 60 days of 2019, then select Continue. On the RRSP contribution entry step, enter the amounts from your T5006 (Residents of Québec: Enter your RL-10 slip amounts again). Residents of British Colombia In the Provincial section of TurboTax, select the venture capital tax credit from the list provided. Enter the information requested for the form. Enter information for your T5006 (if applicable). Residents of Nova Scotia In the Provincial section of TurboTax, select the option for venture capital tax credit from the list provided. Enter the credit amount from your investment certificates, then select Continue. For CD/Download versions of TurboTax: Residents of Québec Select the magnifying glass ...