I'm trying to complete Form T1198 for the 2024 tax year and trying to enter the year 2024 as the year of retroactive lump sum payment but it doesn't allow me?

TT1198 is still locked by CRA and not finalized 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.

 

Thanks for choosing TurboTax.

Thanks for the update. I understand that I should wait until after Mar 15th and then do an update of the program again. Hopefully there is no further delay in CRA unlocking the forms. 

@tonyriccio T1198 form is still locked by CRA and not finalized by CRA 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.

I'm also having a problem with entering data into my T1198 form. It says "The breakdown of principal (total of boxes 68520 through 68560) must equal the total principal amount (box 68519)." I've double and triple checked. The numbers are accurate. Is there a problem with the form?

@Crowds21 T1198 form is still locked by CRA and not finalized by CRA 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.

Still having an issue. Unable to enter 2024 for the payment year on the t1198. When can we expect to be able to file our taxes?

@Sleves25  T1198 form is still locked by CRA and not finalized yet CRA 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.

Again, I have tried to file our income tax return without success due to this ongoing issue with the T1198. It is really disappointing. I have been a Turbo Tax customer for at least fifteen years and never experienced anything like this. I will definitely think twice next year when picking up our tax software.

I have been waiting patiently for this update.   This form has been updated for Wealthsimple taxes so I am perplexed as to why I have been unable to file with TTax.  I have been a user for over 20 yrs!

The T1198 form should be unlocked now. We have released a new update within the software. Make sure your TurboTax software is up-to-date.

 

Thank you for choosing TurboTax.

I have just updated my desktop version of Turbo tax and the T1198 form is still not available. I am loosing my patience over this. when will support for this form be available?

I had this exact same issue just today. The T1198 form on turbo tax won’t allow me to enter 2024 tax year. The prompt says enter value from 0-2023. I updated the newest version of the program when prompted today, as well. So frustrating. 

@TurboTaxAniqua 

It may be "unlocked" but it is not working correctly. I am using the online version of TurboTax. The T1198 form validation rules seem to be excluding box 68560 Current Year (2024) when totaling boxes 68520 through 68560 (year 2024) and comparing this total to the value entered in box 68519. When a value is excluded from box 68560 (year 2024) and the intended 2024 amount is reduced from box 68519 the validation rule works and the form saves the submitted information. Enter a single penny in box 68560 (and subsequently to boxes 68519, 68518 and the Total principal (prior years only) box and the validation rule fails and throws an error "

The breakdown of principal (total of boxes 68520 through 68560) must equal the total principal amount (box 68519).

" on box 68519. This is a web form defect that should be very simple to fix. There is no excuse for Intuit to take this long to fix such a simple error. I understand that code defects happen but are normally caught during testing before being released to customers. I too have used Turbo Tax for decades and have never had an issue like this before. Yes, it may be a new form and there may have been CRA interpretation challenges... but this is just bad code. Please escalate this issue internally within Intuit I would prefer not to have to switch to Wealthsimple just to submit my taxes... that switch would be permanent.

 

Test fail results reproducing the error:

 

Test pass result when excluding a value in box 68560:

I have updated my software today, but I still cannot enter 2024 as the Year of Payment.

Your update has not fixed the problem. I tried entering the year 2024 and it still gives me an error. Why is it taking so long to fix it???

The form is still not working.   It indicates that  principal breakdown does not equal the total, however they do (message below).

 

1The breakdown of principal (total of boxes 68520 through 68560) must equal the total principal amount (box 68519).

 

Hoping you can fix this in short order.

 

Thank you. 

 

I just updated my turbo tax and now the form 1198 box that i could check when inputing my profile is now gone.  WTF!

Im going to give this another week and then switch to wealthsimple.  I wont be back to turbo tax if i make the switch.  Please resolve tjis 1198 mess asap.

thanks

I've uploaded all the updates and the T1198 still will not allow be to enter 2024 for the tax year.  Still states 0-2023

@kpf2 T1198 users are currently unable to enter "2024" as the tax year. This issue is known and will be resolved as soon as possible. The Tax Year field is for reference only and will not be transmitted to CRA via NetFile. Users can leave this field blank until the issue is fixed. We are aware of the issue and are working on getting this fixed. We appreciate your patience.

I am having the exact same problem with T1198, line 68519 not agreeing to the total of line 68520 to 68560.  You say it has been fixed but that does not seem to be the case. Please help.

We are aware of this issue and our development team is working for a resolution. We appreciate your patience.

Just updated my Turbotax program and it looks like they fixed Form T1198 to accept the year “2024” as the year of payment for the lump sum payment. It no longer gives me an error when I do a review of the return. Hope everyone else is able to process their returns now. I will try E-filing later in the day and hope that I don’t receive any errors. Will let everyone know if I do.

Thanks TurboTaxAniqua (Moderator) for devoting attention to resolving this issue.

TurboTax for T1198 still not working.