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Level 4

Solved

Missing 2021 Form 1116

Forum|Forum|4 years ago
January 22, 2022
62 replies
2525 views

I am using TurboTax 2021 Home & Business Desktop version for Mac.

Last week when I tried to complete Foreign Tax Credit Form 1116 I received an error message that the IRS had not yet completed the form and I should check back later.

Today I updated to Formset 2021.11607. Using EasyStep it now allows me to enter preliminary Foreign Tax Credit information to the point of selecting between a credit or deduction. When I choose the deduction option the EasyStep process stops, it defaults to the credit option, and will not complete Form 1116. I do not get an error message, just the warning “Do Not File” on the blank Form 1116.

Is this a known bug with this update?

Is TurboTax still waiting for the IRS to make Form 1116 available?

Best answer by DoninGA

Form 1116, Foreign Tax Credit is estimated to be finalized on 03/03/2022

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

Show previous replies

Onefish

Level 5

From the IRS website in re Form 1116:
https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

Form 1116, Foreign Tax Credit--availability dates: Print: 03/03/2022 ; e-File: 03/03/2022

And the beat goes on.......

I'll offer up my patience with the IRS and TT for Lent. 🙂

vdots

Level 3

That msg is from Intuit. See the URL.

Onefish

Level 5

So it is...thx. I take it the IRS is the source?

Dave200

Level 2

IRS missed their targets:

Form 1116 new ready date is currently 3/3/2022

But Form 1116 Sch B for carryover - not until 3/31/2022

Onefish

Level 5

But clearly, Form 1116 (and the instructions) are available. Attached.

asaq

Level 2

Form 1116 is still unavailable (26 Feb 2021) on TurboTax. HR block has it so when will you guys make it available?

DoninGA

Level 15

@asaq wrote:

Form 1116 is still unavailable (26 Feb 2021) on TurboTax. HR block has it so when will you guys make it available?

Form 1116, Foreign Tax Credit for tax year is estimated to be available in TurboTax on 03/03/2022

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

Dansup89

Level 2

I just spoke with Turbo Tax, they told me the IRS won't be making the form available to them until 31st. (which I didn't clarify, but I assume means 3/31). Hugely disappointing to have to delay filing until then.

DoninGA

Level 15

@Dansup89 wrote:

I just spoke with Turbo Tax, they told me the IRS won't be making the form available to them until 31st. (which I didn't clarify, but I assume means 3/31). Hugely disappointing to have to delay filing until then.

If you and they are referring to Form 1116 (Schedule B), Foreign Tax Carryover Reconciliation Schedule the date of 03/31/2022 is correct and this form can only be printed and mailed.

Form 1116, Foreign Tax Credit for tax year is still estimated to be available in TurboTax on 03/03/2022 for both e-filing and printing.

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

rocky471

Level 2

Intuit is laughing all the way to the bank while we cannot file because of missing forms. PLEASE go to Amazon and other vendors and leave a one star review so there are not more victims like us.

DougDL

Level 2

Is it fixed? Mine refuses to go past Error Check...Federal and State run then back to Fed...repeatedly

Onefish

Level 5

No; it's not fixed yet. TT says it will be fixed by 3/3/2022. Fingers crossed.

ptnic

Level 2

Feb 27, 2022 still missing and holding up my tax return.. When will Turbotax have it available?

want my refund

Level 2

Form 1116 will be available February 16, wait february 27, sorry March 3, …

1116b will be ready 3/31, maybe.

SLOPPY!!!!

gk3

Level 4

today is 2/28/2022. i am still getting the not available notice from turbo tax.

rtrace11

Level 2

I made the move today and switched successfully to OLT.com. It seemed waiting or seeing all your (repeating) questions come by was better spent on switching away from TT. It was long overdue. I had an accuracy issue with TT last year which they completely ignored questions or concerns. This 1116(b) debacle is totally up to them as other online filers can do it. So, service is terrible and now the product as well.

OLT.com does a nice job, is significantly faster and you can actually see every form and schedule before submitting. And, oh, did I mention its free? Yes, including 1116 B and (is use general and passive categories) and it worked great.

If you for some reason still want to carry your $ to TT and your situation is simple keep the following in mind. You may not need to wait for TT to maybe or not add a few hours to update their product. Good luck!

If you meet ALL of these requirements you will be able to claim Foreign Tax Credit directly on Form 1040 without filing Form 1116.
1. All of your gross foreign source income was from interest and dividends, and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement).
2. If you had dividend income from shares of stock and you held those shares for at least 16 days.
3. You are not filing Form 4563 or excluding income from sources within Puerto Rico.
4. The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly).
5. All of your foreign taxes were:
  - Legally owed and not eligible for a refund, and
  - Paid to countries that are recognized by the United States and do not support terrorism.

mtp79

Level 3

Does anyone know if OLT is able to prepare 1041 Trust returns? I looked on their website but it looks like it is just for individual returns. I am having the same issue with Form 1116 Schedule B for a Trust return using Turbotax Business and it appears that Turbotax isn't planning to add the 1116 Schedule B to the available forms in Turbotax Business.

RealGenius

Level 2

It is really fun to see a few new comments every a few hours lol 🙂

ihatefascists

Level 2

Any update on form 1116? It's March 1 and still not available.

segolden1

Level 2

Supposedly 3/3.

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

gk3

Level 4

I will put that date on my calendar. I only hope that turbo tax has the proper programing in place when it finally becomes available. Their track record on handling Foreign Tax Credits over the past several years has been poorly executed.

psikora8

Level 2

It is now 3/1/2022 still no form 2116 in TurboTax. Can we get an update on when it will finally be ready.

IRS has released the form for quite a while now.

DoninGA

Level 15

@psikora8 wrote:

It is now 3/1/2022 still no form 2116 in TurboTax. Can we get an update on when it will finally be ready.

IRS has released the form for quite a while now.

Form 1116, Foreign Tax Credit for tax year 2021 is estimated to be available in TurboTax on 03/03/2022

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html