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?

[tonyriccio]

I received a letter from my employer (Ontario Public Service) which represents Form T1198 (Statement of Qualifying Retroactive Lump Sum Payment) confirming that I received a lump sum in 2024 which is included in my total employment income in my T4 representing an arbitration award for the years 2022, 2023, and 2024. I'm trying to complete Form T1198 in the 2024 Turbotax software but it won't allow me to enter the year "2024" as the year of payment. It looks like the form in this software hasn't been updated and finalized yet? Is that true?

[TurboTaxAniqua]

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.

[tonyriccio]

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. 

[TurboTaxAniqua]

@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.

[Crowds21]

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?

[TurboTaxAniqua]

@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.

[Sleves25]

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?

[TurboTaxAniqua]

@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.

[Sleves25]

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.

[DB314]

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!