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mbandcm
New Member

Why does box 118 of a T5013 not flow through to the proper place on the tax return automatically? I have ignored this box in the past assuming it was "information only".

Most other boxes on the T5013 flow through to the tax return automatically so I have always ignored box 118 assuming it was either not appicable or for information purposes only.  I'm now seeing that I should have been including it on line 162 Gross business income.  Why then doesn't turbotax allow it to flow through automatically.

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TurboTaxTatsiana1
New Member

Why does box 118 of a T5013 not flow through to the proper place on the tax return automatically? I have ignored this box in the past assuming it was "information only".

Here is what can help you to sort it through:

1) Box 118 (Gross business income)

Any amount showing in Box 118 for a Limited partner should not be entered.

The instruction to report the amount on line 162 is incorrect.

 

Box 118 applies only to a General partner (code 2 in Box 002, Partner code).

Moreover, according to the CRA Certification specifications, when Box 118 is present, Box 116 must also be present along with a NAICS Industry code.

 

The confusion arises from the changes made in the new T5013 slip.

There used to be a general purpose Box 34 (Partnership's total gross income) that was used for Limited partners. That box has been eliminated.

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2 Replies
TurboTaxTatsiana1
New Member

Why does box 118 of a T5013 not flow through to the proper place on the tax return automatically? I have ignored this box in the past assuming it was "information only".

Here is what can help you to sort it through:

1) Box 118 (Gross business income)

Any amount showing in Box 118 for a Limited partner should not be entered.

The instruction to report the amount on line 162 is incorrect.

 

Box 118 applies only to a General partner (code 2 in Box 002, Partner code).

Moreover, according to the CRA Certification specifications, when Box 118 is present, Box 116 must also be present along with a NAICS Industry code.

 

The confusion arises from the changes made in the new T5013 slip.

There used to be a general purpose Box 34 (Partnership's total gross income) that was used for Limited partners. That box has been eliminated.

mbandcm
New Member

Why does box 118 of a T5013 not flow through to the proper place on the tax return automatically? I have ignored this box in the past assuming it was "information only".

Thank you.  Very helpful.  I had looked in my past years' files to see how I had handled it and assumed a couple of years ago that it was not applicable because the amount in the box was so large (ie. $256MM).  I am now a bit concerned that I may be picking up other amounts that I don't need to be and incorrectly taxing myself on amounts.

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