Question

DOES the T4A form have a box 205 for the one time payment of $500 . Is the form for turbo tax up to date??

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Yes, you can enter a one-time payment for older seniors on a T4A form.

Here are the steps to enter box 205 on a T4A slip when using TurboTax Online:

1. Click on Find in the top right-hand corner, type "T4A", select "T4A Pension, Retirement, Annuity" from the list, and click go.

2. In the T4A Summary click on "Edit" beside the slip.
3. Scroll down until you reach the COVID Related Benefits section.

4. Enter the amount for "One-time payment for older seniors" (Box 205).

5. Then click on Done with T4A to save your information and again on the next screen Done with T4A Slips.

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