How can I remove Carrying charges, support, and other - previously I entered tuition fee but it continue to show under this category

If you are in forms mode, search for Investment and click on *INVEST. You will be brought to the form "Statement of Investment Income". You will need to delete the appropriate entries on this form.

If you are in Easy Step, under your Profile => Personal tax profile, make sure you checkmark "I have incurred expenses to earn investment income...". (See picture) Click Continue.

Then under the Income & Expenses, you should see "Investment Expenses". Go through that portion of the Easy Step and delete the relevant entries.

Hi - I have checked Investment Expenses and I have none yet there is still a deduction under carry charges that I don't understand. How can I tell what I have entered that is causing it? Or any explanation somewhere of what entries might impact it?

 

Thanks,

 

 

If you are using the TTO:

• From the "Find" Engine on the top bar
• Search for Investment Expenses
• Will open a screen with the names that have Investment Expenses and checkmarks under the name
• Click continue
• Check if you have any Interest paid or money paid to acquire a partnership

If you are using TTD"

• Switch to the "Forms" mode from the top blue bar
• At the bottom, bar click on "Forms" beside you name
• Choose the "INVEST" form
• Check if you have any amount on line 221 for Carrying Charges
• You can update the amount in this form 

 

 

If you still have issues after following this process, please contact our support line:  https://support.turbotax.intuit.com/contact/

 

 

I hope this was helpful

 

Thanks for the reply but I am still no further.

 

I use TTO, I searched for Investment Expenses and nothing is checked. Continue through and nothing is ticked or has any values throughout. And yet there is still a carry charge in my deductions.

 

How can I just delete it?

Thanks,

Since I need more information from you:

For questions for which personal information must be exchanged, you can contact us by phone or private message on our Facebook and Twitter social networks. 

We also offer tax expert services as needed. 

 

Thanks in advance for your understanding, 

I am using the free version of TurboTax 2020 Canada. My return is showing a deduction on like 23200 for carrying charges interest ...but I have not entered anything in those lines.  

How can I remove that wrong deduction ?

Seems like someone previously had the same glitch.

Thanks 

 

Hi

I am having the same problem. Did you manage to resolve it? Would appreciate if you can share the solve.

Thanks 

I didn't I'm afraid. I totally restarted my whole return while on the phone to an advisor and it appeared again.

 

So I went back and looked at prior years and it was there as well so with no other understanding or ability to remove it, I just left it there and hoped the CRA would tell me if they had an issue with it. Which they didn't.

I could not understand why I had $2000 on line 23200 for Carrying charges, support, and other. I went into Investment Expenses as recommended and every single number in that section is zero. I went through the effort of starting to redo the entire return. Then discovered that the $2000 has to do with my CERB repayment. I had applied for CERB and got $2000 and later realized I didn't qualify so I repaid the $2000. That gave me a $2000 deduction (doesn't make sense, but whatever).

 

When I removed the overpayment and repayment from my T4E form, the $2000 deduction in line 23200 correspondingly disappeared. I did re-enter the information as that is what is on my physical T4E. At least it explains the mystery $2000 deduction on line 23200!