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mikeasch
Returning Member

Foreign tax credit

I got a message from TurboTax that Form 1116 is finally ready for filing. However, after completing the form and having everything else ready TurboTax came with one final issue:

"Form 1116 (Copy 1) -- Foreign Tax Credit Comp Wks: Total Incoming C/O has a value. This will require Form 1116, Schedule B, which will be available in a future product update."  And it shows a carry-over value for 2021, which is the correct. 

However it doesn't tell me what to do about this. When I just "done" the issue just comes up again. I don't understand this. I'm paying foreign taxes on dividends and getting the corresponding foreign tax credit for more than 20 years, and also had carry-overs frequently, including the last 5 years, and never had a problem. This includes last year - 2020, in which I also e-filed in with TurboTax March and received my return soon afterwards.

What shall I do about this? Do I have to wait for the "future product update"? Any idea how long this will take?

I overestimated my tax dept and expect a 4 digit refund. Also, I already paid TurboTax in February to get the discount. Do I get my money back, if TurboTax doesn't provide the update in time?

 

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3 Replies

Foreign tax credit

 1116 schedule b for foreign tax carryover form is not available from the irs yet. it is now scheduled to be finalized by 03/17/2022. if tt does not get it updated by 4/18, the best thing to do would be to file a request for an extension and not complete your taxes until it does become available. since you expect a refund you would not be required to submit any payment with your extension.

 

Foreign tax credit

UPDATE:i just finished my taxes and was told i could not e-file my taxes but could send them in by mail. not sure what this involves about 1116 sch b, but this may be an option if you don't want to wait until tt gets the form from  the irs.

Foreign tax credit

Form 1116 Schedule B, Foreign Tax Carryover Reconciliation Schedule will be available in TurboTax for printing  and for e-filing on 03/11/2022

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