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eric07091965
Returning Member

Entering my T4E and having the 30% in box 7 how do I enter it on my taxes? How do I do the calculations for repayment chart?

 
5 Replies
Psjeet11
Level 4

Entering my T4E and having the 30% in box 7 how do I enter it on my taxes? How do I do the calculations for repayment chart?

We're glad to guide you. First, to enter your T4E slip, please follow the instructions:

  1. After signing in.
  2. Click on the magnifying icon to the top-right corner of the page.
  3. Please type "T4E" and select the option titled "T4E Employment Insurance Benefits" and click "Continue".
  4. Click on "Enter new T4E for your name".
  5. Fill in the details according to your T4E received.

Calculating the repayments for EIBox 7 on your tax slip shows 30 percent if you have to repay some of your benefits. If your net income for 2020 is greater than $67,750, you must repay 30 percent of the lesser of your net income above $67,750 or the total regular benefits you received in the tax year. (This includes your regular fishing benefits.)

For example: If you've earned $70,000 in the year 2020 and received $1,500 as you EI, therefore, 70,000-67,750= $2,250. This way you must pay 30% of lesser of 2,250 or 1,500, which is 1,500 here. Hence, 30%*1,500= $450

 

The amount calculated for repayment will be entered in Box 30 on TurboTax Online otherwise on Line 11900. However, if your income is below $67,750, you're exempted from repaying the EI. 

 

For further help, see the links below:

CRA: Line 23500

TurboTax Blog: Repaying Employment Insurance Benefits

 

Thank you for choosing TurboTax.

eric07091965
Returning Member

Entering my T4E and having the 30% in box 7 how do I enter it on my taxes? How do I do the calculations for repayment chart?

@Psjeet11 Does turbo tax do the calculations for you? For the amount that has to be re paid? 

eric07091965
Returning Member

Entering my T4E and having the 30% in box 7 how do I enter it on my taxes? How do I do the calculations for repayment chart?

@Psjeet11 Does turbo tax do the calculations for you? For the amount that has to be re paid? And taken off your refund amount? Or do you have to fill in the repayment chart and add it to your taxes? 

eric07091965
Returning Member

Entering my T4E and having the 30% in box 7 how do I enter it on my taxes? How do I do the calculations for repayment chart?

Can someone please help me with this question

Thank you in advance.

 

Does turbo tax do the calculations for you, for the amount that has to be re paid? And is the amount taken off your refund amount? Or do you have to fill in the repayment chart and add it to your taxes somehow?  

TurboTaxKim
Moderator

Entering my T4E and having the 30% in box 7 how do I enter it on my taxes? How do I do the calculations for repayment chart?

Hi eric07091965

 

TurboTax will do all the calculations for your EI Repayments and clawbacks based on the entries you make or import using the CRA AutoFill My Return system.

 

You will see any repayments on Line 23500, and again on Line 42200 of the Detailed Tax Summary in TurboTax.

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