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jenkins1
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- 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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February 21, 2020
7:11 AM
Hello, With TurboTax Desktop in the Review Section of EasySteps, in the Detailed Tax Summary you will see the section subtotals, such as Total Payable, and at the end you will see Federal Balance Due. The Federal Balance Due includes all amounts owed to the Federal Government including Canada Pension Plan contributions. With the Desktop edition you can chose to review your tax return in Forms view as well, where you will see Schedule 8 calculating the amount of CPP contributions a self employed person would owe.
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Thank you so much for answering my question so clearly and effectively. Very much appreciated!
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October 30, 2019
7:39 AM
The details of your rental property sale are entered in TurboTax under the "Investments Profile". You can get there in the EasyStep view by:
Go to Income & Expenses > Investments Profile > check the top box "Capital Gains or Losses"
Continue to the Capital Gains Profile page, check the top box "Sold stocks, bonds, real estate or other capital property", continue
Check box "Sold real estate & depreciable property" and continue to the page where you will be asked for these entries. (As shown in screenshot)
Details regarding the sale of your rental property also need to be entered in your "Rental Profile" and will only affect you if you have claimed CCA on the building (Class 1) will you need to complete that section on the T776 Rental schedule. Be sure to check off the boxes shown in the screenshot to access the screens needed.
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036/rental-income...
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October 30, 2019
1:33 AM
Use the DON worksheet in the Forms area of Turbo Tax to designate who you wish to claim the donations amount.
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October 30, 2019
1:13 AM
In the CCA summary screen the software calculates the maximum allowable CCA for deduction. However you can choose an amount between the maximum and zero, if you enter 0.00 the entire CCA claim will be carried forward to 2017 and will then be recorded as UCC opening balance on the 2017 business Schedule. You can access this information in the forms section, search T2125 (Forms icon top left) and review Part 11.
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