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New Member
posted Feb 22, 2024 10:27:31 AM

How do I name and separate several Miscellaneous Business Income Expenses?

I have 2 x separate deductions that would fall in Miscellaneous Business Income Expenses. How do I name each of these expenses and break them out as separate line items? 

 

I can only enter a single lump sum number and cannot name the expense.

0 5 494
5 Replies
Moderator
Feb 22, 2024 10:30:23 AM

You should keep a list in your records along with your receipts should the Canada Revenue Agency (CRA) require them in the future. It is recommended to keep all receipts for 6 years.

 

Thank you for choosing TurboTax.

 

New Member
Feb 22, 2024 10:40:32 AM

Yes, I have the records. I'm asking how can I actually input and name 2 x separate "other" business expenses in the Turbo Tax system.

Moderator
Feb 22, 2024 11:09:01 AM

Unfortunately, all other expenses are entered as one amount.

 

Thank you for choosing TurboTax.

New Member
Feb 22, 2024 11:14:01 AM

Thanks. Can the T1 be manually edited then to list expense items? I would think unnamed expenses without explanation would be more susceptible to audit?

Moderator
Feb 22, 2024 11:22:38 AM

No auditing may be more likely to be activated when the amounts are extremely different from other years. If you need clarification please contact the Canada Revenue Agency (CRA) at 1-800-959-8281.

 

Thank you for choosing TurboTax.