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.
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.
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.
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.