I've entered my T4A which corresponds to the business I run from 2019 - date. (Commission income)
The program lists 2 business summaries. One with my business info (CCA and other carry forwards) and another one listing only the income from the T4A which should be placed on the summary for my business.
When I try to delete the phantom slip with the T4A income it doesn't allow me to do it even though I've entered the same dollar figure onto the "income from T4s" line... If I try to file with the 2 slips (the phantom slip showing the income, and the correct slip showing only my expenses) it won't allow me as it states I need to enter my address, industry code etc...
Help - I shouldn't have to submit 2 T2125's for 1 business. (PLEASE NOTE THIS IS FOR 2021... I know I'm sorry I fell behind due to personal circumstances).
Thanks,
Ritz
If you used Auto-fill, the system automatically creates a T2125 according to what your T-information slips indicate.
Once you open your tax return, click on FORMS on the bottom of the page to find the T2125 you wish to delete. Then click on EDIT on the top of the page then go down to FORMS and click on CLEAR CURRENT FORM and this will clear the T2125 you no longer wish to use. You will then return to EDIT FORMS and CLOSE UNSUSED FORMS. This will close your T2125 then you will need to proceed and complete the T2125 you want to keep.
Thank you for choosing TurboTax.
When you enter a T4A with self-employment income on it, a T2125 will be created for it, with the T4A income already added. So if you don’t have any other businesses, then you can just use that T2125 to report all your income & expenses.
FYI: For tax purposes, you should only select "Professional" if you were a Lawyer, Engineer, Notary, Veterinarian, Chartered or certified accountant, Physician, Bookkeeper, Surgeon, Architect, Chiropractor, or Psychologist. For other professions or businesses, you should select "Other Type of Business."
Thank you for choosing TurboTax.
But the problem is I DO have a business and the income on the T4A is for the existing business where I have all my equipment etc... but the system isn't allowing me to transcribe the income onto the existing T2125.
Should I just add my identifying info on the new T2125 and submit my taxes with 2 T2125's? one with my income and one with my expenses?
There should be a way to delete the auto-created T2125 and put the income onto the correct T2125.
Please advise,
Thank you so much,
Ritz
If you used Auto-fill, the system automatically creates a T2125 according to what your T-information slips indicate.
Once you open your tax return, click on FORMS on the bottom of the page to find the T2125 you wish to delete. Then click on EDIT on the top of the page then go down to FORMS and click on CLEAR CURRENT FORM and this will clear the T2125 you no longer wish to use. You will then return to EDIT FORMS and CLOSE UNSUSED FORMS. This will close your T2125 then you will need to proceed and complete the T2125 you want to keep.
Thank you for choosing TurboTax.