Yes; that functionality is currently available. For anyone that is using the desktop software, desktop functionality should be ready by tomorrow 3/12/22. Look out for a new engine update and you should be able to e-file.
@EbonyA How do we attach the Form 1116 Schedule B to a 1041 Trust return in TurboTax Business? Should I just add it as additional pages to my Form 8453-FE when I attach that?
To clarify, is the Form 1116 Schedule B issued in the name of the trust or to the individual?
@DaveF1006 If you are preparing a 1041 Trust return for a trust that is required to file Form 1116 and has foreign tax credit carryovers, the Schedule B is in the name of the trust, and the Schedule B is required by the IRS to calculate the amount that the trust reports on Line 10 of its Form 1116. Currently, TurboTax Business does not support Schedule B, and it is not even listed on TurboTax's forms availability list for Trust returns at this link https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotaxbusiness_fed_windows_fiduciary.html
We are expecting Schedule B for Form 1116 to be released in a TurboTax Business update the week of March 21, 2022. We weren't given a specific date, so you might run an update next Friday.
@PatriciaV Will it be available for e-filing? Or at least, will we be able to attach it like we attach the 8453-FE?
We anticipate Schedule B will be part of your e-filed return.
@PatriciaV I downloaded the most recent update for TT Business, but my e-filed 1041 Trust return was rejected because TurboTax did not attach the Schedule B to Form 1116. The error message says it will be fixed in the next release. When will that next release be available? Here's the error message:
The ability to attach forms in TurboTax Business is under development. We have not been given an estimated release date for this update. We recommend that you print and file your paper return by mail to meet the filing deadline. Or you may file an extension and check back later in the summer for the update.