Hello,
My son's tax return is normally quite straight forward as he only received a T4 from his job. Last year he did some Background Acting work and received a T4A with only Box 48.
I have a few questions to make sure everything has been filled out propertly. I am using Easystep.
Firstly under his Profile for "Did you work in 2023" I have checked the T4 and T4A options
Further down it asks "Did you have self employment income?". Do I need to check "yes"??
I did check "yes" and then checked that he was self-employed and checked "other" since he is not a Professional or any of the other options.
Later after entering his T4 and T4A information it opens a new window called "T2125 - Business Statement #1"
What information do I actually need to enter on this T2125 form? So far I have filled out the following:
The From and To date being the Jan 1st 2023 to Dec 31, 2023
Business Name - I just entered his name
Business Address - I just used our home address
Industry Code - I used 711512
Business Number - He does not have one so I have left this blank?? Does he need a business Number?
That is about all I filled out on the form, as he has no expenses associated with this work and it was less then $500.00
I do not get any errors at the Sum up or Review section of Turbo Tax but I just wanted to know if I missed anything important before Netfiling?
Thank you for your help
You don't need to mention that your son was self-employed since he wasn't. The system will automatically assume that he was and prompt you to fill out the T2125 section because he received a T4A form with box 48. The information you have already entered in the T2125 section is sufficient, and you don't need to provide a business number.
Thank you for choosing TurboTax.
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