Ok. I just spent 3 hours and $79.99 on turbotax talking to support and tech help. The ‘other income’ is MOST LIKELY CERB, which is considered income. The problem in this case is that you have probably either a) done your taxes more than once out of frustration, and not erased your previous returns so the ‘other income’, or your small CERB amount keeps adding up. Or b) you have collected several CERB payments which has added up to thousands of dollars.
CERB, FOR THE AVERAGE PERSON, WILL BE YOUR ONLY SOURCE OF ‘OTHER INCOME’. Unfortunately it IS income.
So if your ‘other income’ doesn’t equal the amount of CERB that is on your T4A, make sure you properly and fully erase all 2020 tax returns and start again. CERB will appear as your ‘other income’ again but it should match your T4A this time.
*Happy note-if you made under $38,000.00 you won’t have to pay your CERB back (unless you REALLY milked CERB). But you DO have to pay about $400.00 income tax on each $2,000.00 payment.
I hope this helps someone puzzled over ‘other income’ as I was.
In the online version of the software, "Other Income" line 13000:
From the CRA: Line 13000 – Other Income
Line 130 amounts are transferred from a number of sources:
To review and confirm the source amounts of your other income on line 13000 in TurboTax online:
Note: Scholarship and bursary income are usually exempt from tax for full-time students. If your T4A box 105 amounts are listed on line 13000, and you’re a FT student, return to the T4A screen and select the box 105 option for FT students to remove the line 13000 entry.
Footnote: We at TurboTax want to encourage you and your close family to take all necessary precautions to ensure your safety. Please review the articles provided below for more information during these difficult times:
Ok. I just spent 3 hours and $79.99 on turbotax talking to support and tech help. The ‘other income’ is MOST LIKELY CERB, which is considered income. The problem in this case is that you have probably either a) done your taxes more than once out of frustration, and not erased your previous returns so the ‘other income’, or your small CERB amount keeps adding up. Or b) you have collected several CERB payments which has added up to thousands of dollars.
CERB, FOR THE AVERAGE PERSON, WILL BE YOUR ONLY SOURCE OF ‘OTHER INCOME’. Unfortunately it IS income.
So if your ‘other income’ doesn’t equal the amount of CERB that is on your T4A, make sure you properly and fully erase all 2020 tax returns and start again. CERB will appear as your ‘other income’ again but it should match your T4A this time.
*Happy note-if you made under $38,000.00 you won’t have to pay your CERB back (unless you REALLY milked CERB). But you DO have to pay about $400.00 income tax on each $2,000.00 payment.
I hope this helps someone puzzled over ‘other income’ as I was.
@ R-d
Thank you for sharing that information! A double-entry of income often occurs when someone uses the CRA Auto-Fill My Return service and manually enters their income slips as well. And for the 2020 tax year, we can expect to see many customers with an amount on Line 13000 of their tax return that relates to the Canada Emergency Response Benefit (CERB) payments.
Please see the above post from TurboTax Lise that explains some other sources of Other Income found on Line 13000 of your tax return in addition to the COVID related benefits found in Boxes 197 to 204 of your T4A – Statement of Pension, Retirement, Annuity, and Other Income.
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