green_growler
Returning Member

Get your taxes done using TurboTax

I am using TurboTax Deluxe PC version and had the same problem as everyone else. I have foreign tax credit carryovers going back many years. My return was being rejected at the federal review due to lack of foreign tax credit Form 1116, schedule B Foreign Tax Credit Carryover Reconciliation Schedule. I downloaded Schedule B from the IRS and tried to fill it out myself, but found the instructions unclear. On March 15, 2022 I opened TurboTax and it updated automatically. I checked my return and Schedule B Foreign Tax Credit Carryover Reconciliation Schedule was there and filled out correctly. The amount from Schedule B, line 6, column xiv transfers to Form 1116 (copy 1), line 10. That amount did not change from before the update, but the inclusion of Schedule B allowed me to pass the Federal and Minnesota State reviews. I successfully submitted my federal return this morning. I checked TurboTax's Schedule B against the one I tried to fill out manually and now understand how to fill it our correctly.