Greetings,
Hopefully, someone has a reassuring answer, preferably at TurboTax, to my concern below.
I just downloaded the 03/03/2022 update for Form 1116. However, having completed my Step-by-Step input and run the subsequent error check , I am receiving back the error message: "Foreign Tax Credit Comp Wks: Total Outgoing C/O has a value. This will require Form 1116, Schedule B, which will be available in a future product update."
Accordingly, I must ask, "has TurboTax published a firm date as to when will this future Form 1116, Schedule B, be available? More specifically, "is this release expected before April 15, 2022, the payment date for 2021 tax estimates"? Additionally, in the event that a fully-tested, updated Schedule B for Form 1116 is not available by April 15, I must also ask, "what are the likely IRS implications to any tax filing, electronic or mail-in, should this completed Schedule B form not have been included or available prior to submitting a filing"? Finally, I must wonder, if there is not a simple hand calculation workaround should this Schedule B Form update not be available by April 15, and if so, what would it be. Thanks.
