topic Re: Adjust CCA claimed - Online version in Self-employed

Adjust CCA claimed - Online version

Haldorsonb — Tue, 27 Feb 2024 03:04:46 GMT

Is it not possible to adjust the amount of CCA I want to claim for my self-employment vehicle?

Using the Online Self-Employment version.

It is automatically applying the max CCA amount when I don't need to claim it all

Re: Adjust CCA claimed - Online version

TurboTaxBrenda — Tue, 27 Feb 2024 15:44:32 GMT

Did you transfer your 2022 information into your 2023 tax return? If yes, this is possibly why there is a certain amount in your CCA for your vehicle.

Otherwise it would ask how much was left of the CCA.

Thank you for choosing TurboTax.

Re: Adjust CCA claimed - Online version

Haldorsonb — Tue, 27 Feb 2024 16:10:27 GMT

I did transfer my info from 2022 to 2023, but it didn't pull over anything from my prior CCA claim except the vehicle #1 name.

But I am doing a new equipment addition (vehicle #2) with a CCA claim and that is the one I want to adjust the amount on, but there is no where to adjust it

Re: Adjust CCA claimed - Online version

TurboTaxBrenda — Tue, 27 Feb 2024 17:07:25 GMT

Which class are you using 10.1 or 54?

Re: Adjust CCA claimed - Online version

Haldorsonb — Tue, 27 Feb 2024 17:35:47 GMT

Class 54. It qualifies for the AII which I applied, but I do not want to claim all 100% this year

Re: Adjust CCA claimed - Online version

TurboTaxBrenda — Tue, 27 Feb 2024 18:29:35 GMT

Here are the steps to take to change your CCA for the year- In your T2125 Business Statement 1 scroll all the way down until you see 'For purchases during the year, make sure you put a checkmark next to the property that is eligible for the Accelerated Investment Incentive (AII), a Zero-Emission Vehicle (ZEV), or a Designated Immediate Expensing Property (DIEP).' Make sure you enter class 54 -property details - check off ZEV/AII with the total cost.
Scroll down and just above the box Calculation of Motor Vehicle Expenses you will see '...to change your calculated CCA amounts, click here'
You see the page T2125 Opening Balances for CCA (vehicle)
Enter class 54
Click on Change calculated CCA amounts at the bottom of the page
It takes you again to T2125 Opening Balances for CCA (vehicle) where you can change CCA for the year for the amount you want.
Click Done.

Re: Adjust CCA claimed - Online version

Bandit_18 — Fri, 28 Mar 2025 19:15:52 GMT

No I didn't! What do I do now?

Re: Adjust CCA claimed - Online version

TurboTaxAniqua — Sun, 30 Mar 2025 15:35:32 GMT

@Bandit_18 Here are the steps to take to change your CCA for the year: In your T2125 Business Statement, scroll all the way down until you see 'For purchases during the year, make sure you put a checkmark next to the property that is eligible for the Accelerated Investment Incentive (AII), a Zero-Emission Vehicle (ZEV), or a Designated Immediate Expensing Property (DIEP).' Make sure you enter class 54—property details—and check off ZEV/AII with the total cost.
Scroll down and just above the box Calculation of Motor Vehicle Expenses you will see '...to change your calculated CCA amounts, click here.'
You see the page T2125 Opening Balances for CCA (vehicle)
Enter class 54
Click on Change calculated CCA amounts at the bottom of the page
It takes you again to T2125 Opening Balances for CCA (vehicle), where you can change CCA for the year for the amount you want.
Click Done.