Scenario: How to add a "Deferred Non-Commercial Business Losses" from prior year in the individual tax return?
(There is no income or expense in the current year since business did not operate.)
Input
How to do it:
Go to Business > Business Income & Expenses tab and fill-out the prior year loss under "Deferred non-commercial losses from a prior year" and then input the same amount of loss also in line item "Other income or loss relating to carrying on a business".
Select either "YES" or "NO" (as applicable) under line item "Small business entity indicator".
In the "Deferred Losses" tab, input the same amount of prior year loss as applicable in the field of Item F and/or Item G. Input also the same amount of deferred loss in Item I or Item J (e.g. is under Item J - Non-primary production deferred losses).
Afterwards, go to "Business Loss Activity Details" tab and click "Add worksheet".
Fill-up all the details needed in the worksheet and validate the form.
