There may be undeducted meals and entertainments, diff in CCA as per books and CCA as per tax rules as well as Minimum tax which needs to be looked into
Mmm-very strange. I would start by checking that the date of birth, and province of residence are both correct.. Alternative minimum tax might have been triggered depending on deductions to reduce income by 90%.Check T691 and see if min. tax has been added.
Right, so you inputted on Sched 3 under Qualified farm sale and still got the min. tax. Very strange. there should be a cap gain of $10,000 or so or is it $20,000 and then a cap gain deduction on T657. I guess I'd check if I had the farm disposed of in part 2 of the sched 3 and not in a different section. Let me know how this works out.
Have now contacted Intuit and, as they were unable to resolve the problem, it has been passed on to another Agent who will supposedly telephone me within the next 24 hours. Thanks for your suggestions, I'll let you know if and when it gets sorted.
People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:
Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.
Why do you want to report this?
Client has net income of 238,756.00, taxable income of 20,329. - why does profile show fed tax of $13,766 and Prov. tax of $4,818
Why do you want to report this?
There may be undeducted meals and entertainments, diff in CCA as per books and CCA as per tax rules as well as Minimum tax which needs to be looked into
- Asked by bevel
-
ProFile, Canada
-
Options Edit Ask for details ArchiveWhy do you want to report this?
Answer
Mmm-very strange. I would start by checking that the date of birth, and province of residence are both correct.. Alternative minimum tax might have been triggered depending on deductions to reduce income by 90%.Check T691 and see if min. tax has been added.
Why do you want to report this?
Thanks for the input - this is a qualified farm sale and, although min. tax was calculated, there should be no tax at all.
Why do you want to report this?
Right, so you inputted on Sched 3 under Qualified farm sale and still got the min. tax. Very strange. there should be a cap gain of $10,000 or so or is it $20,000 and then a cap gain deduction on T657. I guess I'd check if I had the farm disposed of in part 2 of the sched 3 and not in a different section. Let me know how this works out.
Why do you want to report this?
Have now contacted Intuit and, as they were unable to resolve the problem, it has been passed on to another Agent who will supposedly telephone me within the next 24 hours. Thanks for your suggestions, I'll let you know if and when it gets sorted.
No answers have been posted
More Actions
People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:
Post your question to the Community and ask other professional preparers like you
Contact Customer Care for Billing or Account specific questions