Are you using a online version or a download version of TurboTax?
I am looking for that answer as well, I spoke to rep from TurboTax because I tried to file taxes but form was locked. They said that the forms online should be unlocked near the end of March. Was hoping for sooner, but will continue to check to see if they have opened.
Is there a form I can fill out online yet for a T1198??
You guys charged me money just for me to find out I couldn't file with you guys?
Are you getting the form set-up?
We're working hard to finalize the T1198 form to align ourselves with CRA requirements, and we hope to have it ready soon. We appreciate your patience.
You can see a list of Forms that still locked here: Why does TurboTax say my forms are locked or haven't been finalized?
So will using Turbo Tax be possible if I have a T1198 form?
The Statement of qualifying retroactive lump-sum payment (T1198) is now available and unlocked in TurboTax Online.
It is available in TurboTax Desktop in Forms mode, but it's still locked. You can see a list of forms that are still in development here: https://turbotax.community.intuit.ca/turbotax-support/en-ca/help-article/tax-return/turbotax-say-forms-locked-finalized/L9h4thZZJ_CA_en_CA
Currently trying to fill out the T1198 on turbotax but I keep getting an error message of “breakdown of principal (total of boxes 68520 through 68560) must equal the total principal amount (box 68519).
I’ve done the math NUMEROUS times and it is correct but will not go through.
is this an issue with the form or what am I doing wrong?
It may be unlocked, but it is not working correctly. We cannot put the information in without having to put in interest. I have spent 2 hours speaking to the CRA and they have told me that interest does not have to be reported on the T1198. However, the program will not allow just principal amounts to be put in. It keeps asking for interest and principal amounts. Please review your program so the THOUSANDS OF TEACHERS out there who are getting frustrated because of this issue. Please advise as to how we are to proceed.
The other options is to possible use another tax software program?????
Having the same issue. It won't let me bypass the interest part. And the CRA says no interest has to be included when using the special tax calculation for the T1198. Turbotax just added this to their software program and I think that they still need to make some adjustments/updates to allow certain boxes to be excluded from use when inputting amount for the QRLSP.
I am having the same issue with an error message saying that the amounts do not total the amount in box 68519... but they do add up to the same number! When is this issue going to be fixed?? Most Ontario Public Service employees were given an arbitration award this year so tons of people need this to work or we will have to go elsewhere to file!
If you are using TurboTax Desktop version T1198 form is still a locked form by CRA & RQ and not finalized by yet. Please refer to this link Why does TurboTax say my forms are locked or haven't been finalized?
We do not have any ETA on this yet but as soon a these forms gets finalize we will be updating them in TurboTax for an accurate calculations.
We appreciate your patience.
when entering the year field - its forcing me to enter a number between 0 and 2023. this lump sum payment for a teacher was definitely part of their 2024 T4 income
Please advise all else seems to be functioning
@Brittanygrace3 I'm having the same issue. I've done the math multiple times and the sum matches the box.
I've spoken to a live person who couldn't find the issue.
I thought it was just a glitch because this is the first year you can file this online...but it hasn't been fixed yet if that is the case.
Very frustrating!
I am using the online version, which is unlocked but not working properly.
The total of the current/prior years matches the total principal in 68519 but is giving an error.
I am having the same issue - The breakdown of principal (total of boxes 68520 through 68560) must equal the total principal amount (box 68519) It does add up correctly.
@EHeagle1 When you go to NETFILE your return, you are asked if you are reporting a qualifying retroactive lump-sum payment on Form T1198?
If you answer “Yes”, you will not be able to NETFILE, but if you answer “No”, you will be taxed on your whole lump sum this year.
Form T1198 – Statement of Qualifying Retroactive Lump-Sum Payment is a form you submit to the Canada Revenue Agency (CRA) if you received a lump-sum payment and would like them to complete a special tax calculation that takes into account the unusual nature of this lump-sum payment.
For more information please follow our TurboTax Article T1198 Form – Statement of Qualifying Retroactive Lump-Sum Payment
Just to clarify - You cannot netfile with a T1198? Why is there form on turbo tax to enter this information? It is optional to enter the info about T1198 if over $3000?
I get the same error message. I played around with it. The error occurs 68555. If you put in the info for 2024-2020 and ensure it adds, it's fine. As soon as you enter for 2019, there is an error, even if it adds up.
Having the same issue as other in the thread. I have inputted all the amounts from my T1198, but keep getting an error message that say "The breakdown of principal (total of boxes 68520 through 68560) must equal the total principal amount (box 68519).". I have checked the math multiple times and the numbers do add up correctly. I cannot proceed with my tax return until this issue is resolved...
I am having the exact same issues and have spent close to 2 hours on the phone with representatives to no avail. This is so frustrating.
When will the form T1198 be unlocked so that we can efile on desktop versio of tax program? It says early March and it is now March 12th. Thousand of school board staff in Ontario will need to use this feature. Please expedidite this fix.
So I've been playing with it. It is box 68555 that is giving me trouble. What's interesting is that it works if I raise it a single cent and adjust the totals accordingly. Seems to be a weird glitch.
I am receiving this error message:
The breakdown of principal (total of boxes 68520 through 68560) must equal the total principal amount (box 68519).
and it will not allow me to go further. I am entering it correctly, it seems it may be a glitch. Please advise so I can finish my taxes!