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New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

I am self-employed. An accountant has done taxes and business return for my business and filed my taxes with CRA. I wanted to do my personal (not business) taxes using Turbo Tax Standard. Can I leave business information on Turbo Tax blank? Can I skip entering information on the T2125 form on Turbo Tax and enter only my personal (not business) information? Can I use Turbo Tax only to file my personal taxes (as my business taxes were already submitted to CRA)?

 

 

 


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New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

SKMAN:

Can I leave business information on Turbo Tax blank?
Yes - you could also uncheck the interview question about having a business, as you should have only salary and dividends (see Mamak:)
Can I skip entering information on the T2125 form on Turbo Tax and enter only my personal (not business) information?
Yes - just do your personal T1 data.
Can I use Turbo Tax only to file my personal taxes (as my business taxes were already submitted to CRA)?
Yes - make sure you have no business income/expenses showing when you review your summary of 2014 taxes/income/deductions.

Is it that you used TT in previous years to report unincorporated business income, so you have UCC etc carry-forwards?  If so, you'd have to zero them out to avoid claiming them in 2014.
Norman.

View solution in original post

12 Replies
New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

If you are NOT incorporated, this sounds very odd.  Why would your accountant do only your business return without your personal tax info?  Self-employed (sole Proprietor/Partnership) business must be filed with your personal tax return.
New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

SKMAN:

Can I leave business information on Turbo Tax blank?
Yes - you could also uncheck the interview question about having a business, as you should have only salary and dividends (see Mamak:)
Can I skip entering information on the T2125 form on Turbo Tax and enter only my personal (not business) information?
Yes - just do your personal T1 data.
Can I use Turbo Tax only to file my personal taxes (as my business taxes were already submitted to CRA)?
Yes - make sure you have no business income/expenses showing when you review your summary of 2014 taxes/income/deductions.

Is it that you used TT in previous years to report unincorporated business income, so you have UCC etc carry-forwards?  If so, you'd have to zero them out to avoid claiming them in 2014.
Norman.

View solution in original post

New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

Thank you, Norman, much appreciated.
I did not use TT  previous years to report unincorporated business income.
New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

Now I am confused with your statement:  I did not use TT previous years to report Unincorporated Business Income.  Do you have another Unincorporated (NOT INCORPORATED) business? That is what it sounds like?
New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

I do not have another Unincorporated (NOT INCORPORATED) business
New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

It sounds like you are a NEW corporate business owner.  For your information: You personally and your Corporation are two completely separate entities (or two separate taxpayers).  Your Business's Corporate tax return has been filed and you DO NOT include anything from your corporation on your personal tax return. ***EXCEPT*** If you have drawn money from your Corporation for SALARY or WAGES, you may have a T4 Slip that would have been processed through your corporation, which you would include with your personal tax return.  Or, you may have a T5 for dividends drawn from your corporation, which you would include with personal.  Or you may have nothing from your Corporation because this may be a NEW corporation and you were operating using the shareholder loan account - which you would have put your own personal $$ into, in order to open a Corporate Bank Account and start up your the business.

New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

Hi MamaK,
Thank you for your information, much appreciated. If you file your personal taxes using Turbo Tax Standard, Turbo Tax will bring up the T2125 form for entering your business information (income from sales, expenses, etc.). I wonder if I can skip entering information on the T2125 form as my accountant has already filed tax return for my business.
New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

YES, SKIP IT... as I said in my previous answer:  "DO NOT include ANYTHING (business sales & expenses from your CORPORATION) in your personal tax return.

IMPORTANT QUESTION:  On your Turbo Tax PERSONAL return... Did you happen to answer a question "YES" that asked:  "Are you Self-Employed" ???   If you answered YES - this is wrong.  Change the answer to NO, or remove your answer.  As far as your PERSONAL taxes go - you are NOT self employed.

You own a Corporation and are an employee of the Corporation - and that is completely different than what Turbo Tax is asking.  If you do not change your answer the T2125 will continue to come up.  The T2125 Form is ONLY to be used by people that are self-employed as Sole Proprietors.  You are NOT a sole proprietor.

Hope this clears things up for you 🙂
New Member

Can I leave business information on form T2125 on Turbo Tax blank and file only personal taxes, as my business taxes were already filed with CRA by accountant?

Hi MamaK,
Thank you for your explanations, they are of great value for me. I was not sure what to answer on the "Are you Self-Employed" question. Your message came as a relief to me, as I did not know what to do with T2125.