Yes, you should file Form 1116 Schedule B. However, the below notice has been sent to taxpayers regarding Form 1116 Schedule B.
If your return has been rejected regarding Form 1116B, please know that the issue is being resolved in a product release scheduled for March 18, 2022. Your tax return now includes updated information to carryover of foreign taxes. On or after March 18 you'll need to sign into TurboTax, complete a quick review (steps below), and resubmit your return. Please note this is just for your federal 1040 tax return. To review and re-submit your return, follow these are the steps if you're using a CD or downloaded version of TurboTax:
- Update TurboTax (visit our Support Site if you need help updating).
- Please review your answers under the topic of Foreign Taxes in the Deduction & Credits Section under Estimates and Other Taxes Paid. Make any corrections if prompted.
- E-file your return (you won't be charged any additional fees).
Note: The calculation change may affect your refund.
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