TurboTax HelpTurboTax HelpIntuit

T5013 slip entry error

by TurboTax•1• Updated 3 weeks ago

When entering your T5013 slip, you may encounter the following situation: 

  • You’re a partner in a limited liability partnership
  • You’ve entered your partnership’s business income from your T5013 slip into TurboTax.
  • In the TurboTax Detailed Tax Summary, or in the T1 return, the income is incorrectly showing on line 12200.
  • However, your share of the income needs to be reported on your return at line 13500 so that it follows the directions given by the CRA at Box 104: Limited partner's business income (loss).

If you are experiencing this situation, select your TurboTax version for the solution

  • From 2024 tax return under Add to your return, enter T5013 and select T5013 - Partnership income.
  • At T5013 - Summary select Edit.
  • At [your name] T5013 - Statement of Partnership Income, beside Net Income (loss) Total delete the income amount previously entered, and ensure that the amount is $0.
  • Select Done with T5013.
  • At T5013 - Summary select Done With T5013 Slips.
  • From 2024 tax return under Add to your return, enter T2125 and select T2125.
  • At Your Self-Employment or Business Summary select Enter New Business for [your name].
  • From What category is your self-employment work? onward, proceed through the interview steps, providing details about your partners and the partnership business.
  • At Do any of these situations apply? make sure you select My work or business is a partnership, and continue providing details about your partnership business.
  • At [your name] what was your self-employment income? enter the partnership’s total business revenue.
  • Continue providing details about your partnership business.
  • At Next up, claiming your expenses, you’ll select Continue and then provide info about your share of the business expenses. 
  • At Select the types of expenses you have, select the applicable expense category or categories.
  • At Here’s your [type of business] info, for each applicable expense type in turn, select Start and enter the amount of the partnership’s expenses.
    • If you have expenses the partnership didn’t reimburse you for, under the category Expenses deductible from your share of partnership income, select Start.
    • At Expenses deductible from your share of partnership income, enter the expenses
  • Once you’ve entered all applicable partnership business expenses, select I’m done.
  • At Your Self-Employment or Business Summary under Net Income you’ll see your share of partnership income that will be reported on line 13500 of your return.
  • Select Income & Expenses > T-slips > T5013 Partnership income.
  • At T5013 - Summary  select Edit.
  • At [your name] T5013 - Statement of Partnership Income, beside box 104 Ltd. part. Bus. income (loss), delete the income amount previously entered and enter $0.
  • Select Done with T5013.
  • At T5013 - Summary select Done With T5013 Slips.
  • From the side menu select Business profile.
  • From Business expert interview onward, proceed through the interview steps, providing details about your partnership business.
  • At [your name] Other Information About Your Business, ensure you select My business has partners.
  • At [your name] T2125 Details of Other Partners ensure you have the correct figure for your partnership share, and enter the info for the other partners.
  • At [your name] Your partnership expenses enter any expenses for which the partnership didn’t reimburse you, if any. 
  • At [your name] T2125 Business Income, make sure you enter the gross business income, and continue providing details about your partnership business.
  • At  [your name] T2125 Claiming Business Expenses you’ll proceed to enter info about the partnership’s business expenses.
  •  At [your name] T2125 Business Summary, you’ll see the amount of your net income that will appear on line 13500 of your return.