DaveF1006
Expert Alumni

Deductions & credits

Yes, Form 1116 Schedule B  is a brand new form for 2021 from the IRS. Schedule B is used to "reconcile your prior year foreign tax carryover with your current year foreign tax carryover.

 

if you had carryover amounts from a previous year, then this form was needed to complete your return. Being a brand new form, there were problems with the IRS finalizing the form and the subsequent changes Turbo Tax needed to make to implement this form into its software.

 

Thankfully the changes have been made and there should be no additional steps you need to make next year to ensure an accurate tax return.

 

@MishawakaKirk

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