Since this was the first time including business income, I also did a T2125 by hand in order to help me check my work. Line 135 on the T1 form should be equal to line Line 9946 on the T2125 form. In my case, this is equal to:
(gross sales - cost of goods sold - expenses) = $xxxx.xx
However, TurboTax has put a different value in Line 135, $386.89 higher than what it should be. It is not clear how TurboTax is calculating this value, but on the Transfer Summary page the business expenses are not listed.
Any ideas?
TurboTax expects the total meals and entertainment amount instead of the 50% that should be entered on the paper form. The corresponding field in TurboTax should be double the value of line 8523 on form T2125.
TurboTax expects the total meals and entertainment amount instead of the 50% that should be entered on the paper form. The corresponding field in TurboTax should be double the value of line 8523 on form T2125.
John1960
Returning Member
art10081985
New Member
Colleen S
New Member
KenBr
Returning Member
davidjackson-cwg
Level 1
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.