- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content