I have used Turbo Tax Deluxe for a few years now, but this year I find myself with some new forms to deal with for the first time. One of them is a T1198 form (which I received as the result of a Qualifying Lump Sum Payment through Bill 124). I can't seem to find a form in Turbo Tax to handle that. The other is a T5800 form. The T5800 form has no dollar amounts on it, with the exception of a list of what I have invested. In Turbo Tax there is a "Box 19" on the form (which is locked) but there is no Box 19 on the one that my bank sent me. I just retired last year, and have only made deposits to this portfolio. Do I need to be concerned about Box 19? Will I be able to use the Deluxe version as usual, or will I need to upgrade? Thanks!
You do have to answer the question 'Yes" in the 'Profile' section " If you reporting any Qualifying Lump Sum Payment". However, T1198 is still locked by CRA and not finalized by yet. Please refer to this link Why does TurboTax say my forms are locked or haven't been finalized?
Since you have T5008 you will have to upgrade to Premier from Deluxe version of TurboTax.
Box 19 - Face Amount (If the security represents indebtedness (for example, bonds and other debt obligations), enter the nominal value, in dollars and cents, that appears on the face of the document (that is, the amount to be repaid at maturity). Leave this box blank if the security does not have a face amount (for example, shares or commodities). Kindly only enter information which is printed on your T5008. If you believe an error has been made on your T5008, kindly contact the issuer of the slip.
Thanks for choosing TurboTax.
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