For the 2024 tax year, where do you enter qualifying years found within a T1198 (Statement of qualifying retroactive lump-sum payment)? E-Submissions is possible now.

[sean2025]

I can't seem to find the section with Turbo Tax to enter these details.

[TurboTaxSusan]

In TurboTax 2024, the T1198 is not finalized yet. We're working hard to finalize this form to align ourselves with CRA requirements, and we hope to have it ready soon.

[ash12345]

Is there any update as to when this will be ready. We have done all the work and made the payment and now can't submit.

[sean2025]

I was ready to submit as well but I will be tied up on business for a bit, so I decided to try out wealthsimple for the first time - a little bit of a pain to redo my tax return but they have the form ready. I've only used Turbo Tax (and Quick Tax) over the years, too bad they weren't ready for Tax season. 

[TurboTaxSusan]

The Statement of qualifying retroactive lump-sum payment (T1198) is now available and unlocked in TurboTax Online.

[appleadvantage]

Susan, Turbo Tax allows you to pull up the T1198 form.   But when you select year lump sum was paid is still prevents you from choosing 2024.   It only allows year of 2023 or earlier.   What are we missing?   And I we choose 2023, which in fact is the last of a stream of years for which the Bill 124 arbitration was made, is that the correct answer for the year to choose EVEN THOUGH the payment was issued by the Public payer in the year 2024 for the stream of Award compensation (from 2019 to 2023)?

[TurboTaxAniqua]

T1198 form is still locked by CRA and not finalized yet by CRA. 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.