Self-Employed, How to treat a payment of “Appreciation/Honorarium”, received at the end of a business relationship from a company I serviced for years.

Hello Again,
If I was to treat this as Other Income; do I report it as Other Income in "T2125 Business Income"?, or as Other Income where you "Enter any amount that is not employment related or already reported on your return."?. Also, what would you suggest the description be (Appreciation & Honorariums) or something else? Please help and advice. Thank You.

Hi Joe, thanks for your question. You should treat this as income and add it to your gross income.

Thanks for using TurboTax, please let us know if you have any other questions.

Regards,
Julie

Thank You so much for your help Julie.
I assume you mean to add it to my "Gross Business Income" in the "Other Income" Screen of my T2125?; and NOT to Line 130 "Other income"? Please Specify.
Also, in the description field of "Other Income", I wrote:
"Honorarium - Appreciation at end of long exceptional service"
Is that good enough? Any suggestions?

Thank you again,
Joe

Thank You so much for your help Julie.
I assume you mean to add it to my "Gross Business Income" in the "Other Income" Screen of my T2125?; and NOT to Line 130 "Other income"? Please Specify.
Also, in the description field of "Other Income", I wrote:
"Honorarium - Appreciation at end of long exceptional service"
Is that good enough? Any suggestions?

Thank you again,
Joe

Hi Joe - you are correct - it would be part of your Gross Business Income in your T2125.

Thank you,
Julie

Great Help. Thank You for the quick response Julie

Hi Joe,

Thanks for your question. You should treat this as income and add it to your gross income.

Thanks for using TurboTax, please let us know if you have any other questions.

Regards,
Julie