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I also have this problem for the exact same reason and got the message that this form won't be available until March 31. So now I have another question I hope someone can answer for me.
Since I must delay filing until so close to the deadline, can I at least pay my first quarter estimated tax now, before I file my 2021 taxes?
@DCtaxpayer Yes you can pay the 1st quarter 2022 estimated tax payment on the IRS payment website - https://www.irs.gov/payments
FWIW, I was able to complete and efile my taxes via OLT.com with Form 1116 Schedule B. It was more difficult than TT, I had to manually enter all 1099 info, etc. No importing of documents. I actually used the TT return to validate OLT got exact same result. For $10, it is a solution, and it's cheaper than efiling your state return.
thank you. Can I do this before I file my taxes? It is bad enough not being able to file until after March 31 due to Form 1116B but I would like at least to pay my estimated tax first quarter now.
thank you. Can I do this before I file my taxes? It is bad enough not being able to file until after March 31 due to Form 1116B but I would like at least to pay my estimated tax first quarter now.
I just downloaded the 1116 Schedule B form (link)
Is there anyway to attach this pdf file to TT and file electronically? I suspect the answer is no but want to check.
So, it turns out that Turbo Tax couldn't organize a party in a brewery! On the upside, I got a badge for reading over 100 complaints about their lousy software application. Pathetic doesn't even begin to describe Turbo Tax. What a joke. I can't imagine how many people are in our situation. Trusting that these mental midgets are going to have this sorted out by March 31st is not a bet I'm willing to make. I've used Turbo Tax for several years so's that I could e-file my return. If we can't e-file our returns there's no reason for Turbo Tax to be in business. Although, they did manage to get my money prior to disappointing me... Bye bye Turbo Tax!
I'm having the exact same problem. TurboTax please respond with a definitive answer as when e-file will be available for Form 1116 Schedule B. If I need to wait for a few days I will wait as I rather not paper file.
Unlike many other posters, I am not looking to leave TurboTax because of their current inability (and intransigence?) to include Form 1116, Schedule B in a format that allows e-filing. I have too many good years of using, and appreciating, TurboTax to want to leave for a different product.
That being said, if TurboTax wants to retain my goodwill, they certainly need to step up and commit to making a change by a date certain, so that those of us who have foreign tax credit carryovers can use them to reduce our current tax liability and still e-file our return. This means they also need to change the "error" language that returns cannot be e-filed when they include a foreign tax credit carryover and the language that designates a Form 1116 Schedule B as "unsupported".
I did not have a problem in 2020 filing my taxes. Form 1116 was being supported by TT last year. Why is it not being supported for 2021?
Form 1116, Schedule B is a new IRS requirement for reconciling the foreign credit carry over numbers. This schedule was not needed in previous years. Trust this helps you. We are all stuck - anyone who has carry over credits from previous years.
My TurboTax files (*.tax) on my computer date from 1997, so I am a long-time, experienced user and a retired CPA. With the issues the IRS is having processing paper tax returns (with millions said to remain unprocessed from 2019 and 2020), and with the IRS advising taxpayers to file early to avoid ID theft issues, it is inconceivable to me that TurboTax expects users to file paper returns to claim foreign tax credit carryovers, or at best wait until March 31st for the "possibility" of being able to e-file. I understand that Schedule B for Form 1116 is new this year, but TurboTax is supposed to be the most sophisticated tax preparation software for individuals (short of professional programs such as ProSystem fx), and should have anticipated this. I don't know what date the Schedule B was formally released, but I downloaded the form and instructions from the IRS website and both are dated December 2021.
Thank you - I noticed that too. Since this will delay mailing in my taxes, do you know if I can pay estimated taxes before filing the 2021 taxes?
The silence from Turbox Tax / Intuit to allow us to efile when using this form is deafening. I can't believe it takes 30 days to be able to figure out how to upload a pdf. They should automatically send refunds to everyone who has run into this issue with Form 1116 Schedule B. I have been using this product since 2006 and there has been a steady detioriation of the product capabilities in the last 4 years. They also need to publish implications about being able to efile state taxes if IRS requires the forms to be sent by email because of Intuit/Turbo tax incompetence.
You can pay your estimated taxes at any time, unrelated to when you file your tax return.
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