I note that Form 1116 Schedule B now shows a release date of March 31, 2022. E-filing will not be supported which is really disappointing in that according to a recent IRS report, there are still 24 million 2020 returns that have not been processed. So, I have a refund coming and instead of weeks with e-file, I can expect to wait up to 10 months for a mailed return to be processed.
I have been using TurboTax for 20 years. One reason was that TurboTax could easily handle my Canadian retirement account (RRSP). Last year an initial mandatory disbursement triggered significant foreign income and resultant foreign tax credit and carryover.
I will be mailing in my return this year. You can bet that I will research the competing tax preparation software to see if they support e-filing of foreign assets and have a viable e-file for Form 1116 Schedule B.
