How do I enter information from a T1198?

[cgeraci12]

Hi,

The issue is that the software isn't recognizing the pennies in the boxes, meaning that you should try rounding the amount to the closest dollar and ignore the pennies.

So if one box has $3,543.56, you should change it to $3,544, then for the total you should also add the new rounded boxes up and us that new total to the nearest whole dollar. 

This worked for me.

[verb3]

At 8:39 on March 14th, 2025. I was able to successfully net file and complete the t1198 form without errors messages.

[mbnorton]

Was that with desktop version

[verb3]

Yes

[Kathy151515]

I see that someone mentioned they were able to efile with the desktop version that had a t1198. I have the home and business version and cannot file yet

[annon3]

If you are using the online version, the T1198 will not accept cents, and must have all amounts, including totals at .oo -if you round all the amounts (nearest dollar), and they equal the total (which is rounded to the nearest dollar) the form will work. This advise was provided to me by a turbotax advisor over the phone, and the form went through. 

[DogMomx2]

I can access the T1198 Submission form but can't for the life of me get beyond it. Does that mean it is locked? I did not have interest paid to me with the lump-sum payment and I can't get the numbers to be okayed. Super frustrated that I had to pay without knowing I couldn't file anymore. How do I get a refund????

[Amnion14]

This lump sum was paid in 2024. The "Year of Payment" errors with "Please enter a year up to 2023...."

Very frustrating...

[annon3]

You need a letter or slip from your employer that states how the lump sum was divided over the previous years, and then you enter this info. If it should have been paid out over 2022, 2023, 2024, you would divide the amounts as such based on the information provided by your employer, or whoever paid it out. 

[annon3]

You need to round the numbers so there are no cents. You enter 0 in the interest box, and the rounded total for both the interest plus principal, and principal boxes. Deduct the 2024 amount for the box that is principal minus this year. If you do not round the numbers, and ensure they add up to the rounded total, it will not accept the amount, and you will get an error message.