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Level 4

Solved

Missing 2021 Form 1116

Forum|Forum|4 years ago
January 22, 2022
762 replies
2916 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

dmsc33

Level 2

I have Foreign Tax credit but no carryover... I was able today to go back into my return, Update that area and then efile without Form 1116. Passed the review and transmitted.

baileytax

Level 2

Updated Turbotax today (3-4-2022). Form 1116 is still now available for download. Getting a bit frustrated as this is the only thing between me and getting my taxes filed for the year. Have there been any other updated from Turbotax since they missed this latest date? I haven't seen anything....

DJS

Alumni - Champ

Form 1116 is available in the Download/CD version for windows, although in my case it wasn't included in my tax filing because it wasn't required to be filed with my tax return. I was able to file and the foreign tax credit did flow to 1040.

Answers are correct to the best of my ability but do not constitute legal or tax advice.**If this post is helpful please click on "thumbs up"**

aquinas52

Level 2

Just a few hours ago I was able to complete Form 1116 and transmit my returns on TT Premium desktop after waiting for a couple of weeks for the 1116 update. I had a foreign tax credit but no carryover from last year - hopefully the software will work for a return w/ carryover as well.

papayas

Level 2

Curious as to the value of your foreign tax credit. I think it needs to be less than $ 600 but cannot confirm, otherwise carryover or not you are forces to file 1116.

Honestly though this is gross incompetence. My return was ready to go had the info in form 1116 which the update has blown away.

Looking back they had efile problems in this area in past years. But in my case I filed last year no problem

Form what I can see the form is not even working or calculating properly. People waited until 3/3 for the promised form which is release without efile capability. What a mess time to dump this junk. They have money to advertise at the Super Bowl but cannot get this stuff right that their competitors have working.

jmztt

Level 4

Under $600 joint under$300 single does not require 1116 to calculate or file to get the line 20 1040 credit

robiecreekww

Level 2

Its March 3 and this form is still not available????

jmztt

Level 4

It’s March 4 CD version and everything is working

Check passed

1116 comes out Correctly and $ amount entered correctly on 1040 line 20

I am slightly over the $300 limit

Just a heads up

You need to manually enter you total $$$ amount of foreign dividends that ends up on 1116 line 3d.
I know of no brokerage 1099-Div that breaks that out so u need to calculate that your self

It gets entered in the dividend section Q&A

If u do not do this u may not get the full credit on 1040 line 20

The 1116 form does some weird calculations to determine the credit for 1040 line 20.

rayeng

Level 2

Hello Guys,

Today already it March, 5 ,2022.TT information says Form F1116 is AVAILABLE.

But in Home and office,the forien tax module stops after 5 steps and jumps back to other credits.

What I mean after 5 usual screens it goes diretcly to Foriegn tax carry over secreen

(NO provision for entering foriegn taxes paid and ciuntry details or nothing..)and after carry forward screen jumps to next dedulction items.Thats it.Any idea when this will be ready? Hope fully before Dec 22 by TT?

(Writing this after coompleting all other tax modules and after trying to complete it MULTIPLE efforts)

Thanks.

k9dt

Level 2

Good question. WHEN WILL FORM 1116 BEAVAILABLE???? I'd like to finish my taxes

finady

Level 2

I got so frustrated that I just wiped out my 2022 data from TT. I switched from taking a credit to a deduction for foreign taxes - just to see how it would affect my return. A LOT! It appears the problem is the 1116B. I only have a $20 carry-forward foreign tax credit from 2020. I am willing to forgo that but HOW????? Has anyone else, whose foreign taxes are over $300 for single payer, done this? And IF SO, did the credit go through?

BJDCPA

Level 4

Go into the screen and delete your carryforward information. Not a big deal I agree if only $20. If Turbo tax doesn't see any carryforward information it should just go to the regular form 1116 which is ready. Hope this helps.

rpromm

Level 3

It is now 2022/03/05 and no update for form 1116 as yet. Simple question: should we wait for Turbotax to incorporate the form into the formset or should we just download it from the IRS website and file by mail? I hate to file by mail cuz it takes forever to get your refund. Is anybody from Turbotax reading this thread?

neenus

Level 2

Form 1116 is available at TT as of 3/3/2022. If you are using TT Desktop version, you just have to upgrade software by Clicking 'Online-> Check for updates'.

I followed those steps and am able to now finish the Foreign Tax Credit section however the issue is still with 1116 Schedule B (required if you are using Carryover Foreign Tax Credit from past years and/or have Carryover Foreign Tax Credit from this year).

Hope this helps.

oystersauce

Level 2

OLT can handle Schedule B and the refund amount for both federal and state were the same as TT's refund amounts. I e-filed both federal and state for around $16. You can e-file federal for free but I chose to pay the $8 for the extra benefits. Just make sure the fill out both 1A and 1B of your 1099-DIV on OLT.

jimnelson2071

Level 2

While I have updated forms regularly, Form 1116 is still unavailable as of this date 3/9/2022 even though it says that the form is available. Is this a bug? How do I get it resolved?

usapayer

Level 2

1116 still not available today 3/11/2022. I notice that TT keeps moving forward the predicted date. Also the page that shows what forms are available shows that 1116 is available as is the Schedule B part of it, which I should not need anyway, since I have no carryover/carryback. But it isn't. What the heck?!

usapayer

Level 2

BTW, mine is online version (big mistake, got that this year without thinking it out), and it "Premier." When I get to that spot to finish 1116, it gives me a zero, presumably meaning zero forms are ready.

usapayer

Level 2

And no, I am not going to do it manually. I am capable of doing my whole return manually, but use TT to save time. Fixing bug in TT myself would be more time-consuming than filing by hand, though I would then have to figure out how to e-file, as my state requires.

Judge Mudge

Level 2

It is now 13 March and I am missing this single form! I know I have a foreign tax credit but your program keeps saying that the form is not completed. HELP!

Judge Mudge

Level 2

Forgot to mention - yes I did the updates when I launched TT. Have no idea what to do now.

MoniqueLO_

Level 10

Since you have already updated TurboTax and it is still not working for you, please contact Customer Support so you can speak with someone who can assist you.

@Judge Mudge