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Returning Member
posted May 12, 2020 2:12:03 PM

T2125 Indicating "last year of business" causes incorrect net income for business

The T2125 shows gross and net correctly on lines 8519 and 9946, respectively.

However selecting "Yes" for "Was this your last year of business" on the top of the form causes net business income (line 13500) on the Business Income Summary and subsequently on the T1 to show 0, while gross business income (line 13499) is still correct.

Selecting "No" for last year of business provides all correct values. There is no indication as to why this miscalculation is being made, so I'm led to believe its a bug.

 

As a sole proprietor doing sales through a marketing company, I'd like to indicate that I will not need to file a T2125 next year. The marketing company has transitioned from calling its workers "independent contractors" and we are now employees.

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1 Replies
Level 4
May 26, 2020 9:41:10 AM

Hi, 

Did you have any assets (CCA) related to the business? Also check the business dates.

 

I'd recommend contacting TurboTax for support with your return and see if there's a technical issue:

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