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jenkins1
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Activity Feed for jenkins1
- Posted Unused tuition fees doesn't reduce tax due on Troubleshooting. April 25, 2021 1:47 PM
- Posted Re: Self-Employed CPP Contributions - Are they included in Federal amount due? on Filing. February 20, 2020 5:21 PM
- Posted Self-Employed - when TurboTax shows federal tax due, does that amount include my CCP contribution? on Filing. February 20, 2020 11:37 AM
- Posted Self-Employed CPP Contributions - Are they included in Federal amount due? on Filing. February 19, 2020 6:58 PM
- Posted T776 "Buildings Dispositions' question. on Troubleshooting. October 30, 2019 7:39 AM
- Posted How to force TurboTax to use charitable donations on spouses return instead of optimizing and claiming them against mine, in our joint return? on Credits and deductions. October 30, 2019 1:33 AM
- Posted I am using the Easy Steps (rookie). on Importing your data. October 30, 2019 1:13 AM
- Posted How to carry over a new fixed asset cost to next years tax return, using TurboTax (download, not online)? on Importing your data. October 30, 2019 1:13 AM
April 25, 2021
1:47 PM
I've finished my son's 2020 tax return. He owes $474.05, without opting to use tuition fees carried forward from previous years. When I select the option to carry forward unused tuition fees from previous years, which totals almost $50K between federal and provincial, it does not reduce the amount of tax owing. My understanding is that if a person has taxes due for a specific year, and choose to use their unused tuition fees, that the fees would reduce to amount owing, and the balance of the fees would carry forward to the next year. Am I misunderstanding something? Why did the amount owing not decrease when I applied the unused tuition fees? Thanks in advance.
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Thank you so much for answering my question so clearly and effectively. Very much appreciated!
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As a self-employed individual, using TurboxTax Home & Business, can someone tell me if shows me owing taxes, shown as Federal tax due on the summary page, does that amount include my CCP contribution? Being self-employed, I obviously completed the T2125, with a net income of $35K, so I would expect I'd need to pay a CPP contribution.
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I'm preparing my son's 2019 tax return using TurboTax Home & Business. He's self-employed. I completed the T2125 - Statement of Business Activities form, and understand that TurboTax will calculate his CPP contributions payable based on his "Net Business Income". TurboTax shows how much taxes he has to pay as a 'Federal balance due' of $3325.00, obviously payable to CRA, which is fine. Does the 'Federal balance due' include his CPP contribution for this year, or will he have to pay an amount to CPP separately?
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October 30, 2019
7:39 AM
My common-law partner and I sold a (single) rental property that we owned, in 2017. On the T776 'Buildings Dispositions' section of Turbo Tax (download edition) I assume I need to put in the details of the property. Can anyone confirm that, and tell me the Class#, what figure to put in proceeds (sale price, or sale price less closing costs and legal fees), and what to put in the Personal field?
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October 30, 2019
1:33 AM
I'm using TurboTax Home and Business 2016. I am in a common law relationship (a number of years now), so our returns are done together in TurboTax. My partner made some charitable donations and I didn't. I am the higher earner (with more tax payable) and TurboTax is optimizing the returns by adding the charitable donations to my return. How can I force TurboTax to claim the charitable donations against her taxes, so she will get the credit in her refund?
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October 30, 2019
1:13 AM
Can anyone tell me how to carry over the cost of a fixed asset (a computer) to next years tax return in TurboTax Home and Business 2016? My son has a small business. He bought a laptop which I added to his T2125. He didn't earn enough in 2016 to pay taxes, hence we'd like to carry it forward so he can claim it next year. Can anyone help?
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