TT 2022. Form 1116 ALT.

[DanaB27]

Gianluca,

 I just wanted to give you an update. 

We reviewed your tokens and will be sending this to the developers. 

[gbacchin]

@DanaB27

Great, thanks!

Gianluca

[gbacchin]

@DanaB27

I found another error related to HTKO. If you look at the Form 1116 Schedule B in the HTKO token (regular tax, after the second Form 1116 regular-general), on line 4, it put negative numbers to use the C/O from previous years against the foreign tax credit for 2022 and it does not consider / use the 2022 HTKO taxes reclassified as per Form 1116 line 13.

Besides, on Form 1116 Schedule B, under the title, the year of reference is not entered.

Thanks again for your help!

Gianluca

[DanaB27]

Gianluca,

unfortunately, I was informed that HTKO (Form 1116) calculations are not supported by TurboTax. You will have to calculate and override the entries on Form 1116 AMT. Please be aware, returns that contain overrides cannot be e-filed and may not be covered under the 100% Accurate Calculation Guarantee.

Please see How do I override (replace) an amount calculated by TurboTax? for details.

[gbacchin]

@DanaB27

The developers are not very useful... anyway, I volunteer to help them for free if they want to learn how to do HTKO. It is not as difficult as it sounds.

Instead, you were extremely helpful by letting me know about the Override function. I never realized that it existed! Thanks! It works very well and I can also correct the 2022 bug in Part II column l ("1099 taxes" instead of date for dividends not paid in USD, which has nothing to do with HTKO).

However, to fully be able to file on paper, I need the printing bug to be sorted by the developers and this has nothing to do with HTKO. When I print (you can check the token without HTKO) and you have 4 copies of Form 1116, it prints the first 3 copies correctly (Regular-Passive, Regular-General, ALT-Passive), but then it print only one page of ALT-General and then it repeats the ALT forms with '1' and '2' instead of 'COPY1' and 'COPY2'.

Thanks!

Gianluca

[AmigoDave]

Greetings.  I am an interested observer in how TurboTax handles the HTKO issue in a Schedule K-3. 

Has TurboTax made any progress in the 7 months since this discussion ended? 

I see that the discussion topic is now labeled "Solved."  

Perhaps "Do it yourself" would be more accurate? 

HTKO is an important issue.  It deserves some attention.