There have been numerous posts on the lack of Form 1116 SchB support and the recent fix but my question is different. I have successfully e-filed with form 1116 and SchB carry over for regular taxes. I also have carry over for AMT but have never used any and it has just been building up for last ~ 5 years. It seems like the purpose of SchB is to put the data for the potential 10 year carry forward into a consistent format the IRS likes, hence new Sch B this year. If I look at the pdf of tax filed, TTax did not file Sched B for AMT even though it did include it for regular tax. If I dig around in forms view searching for 1116, I can find a form for AMT Sch B filled out with years of history.
My question is: Assuming I may want to use some of this carry forward history in say a year or two, shouldn't this form been filed just to have on record what my carry over is... even though it has no impact on taxes due?
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Yes, you should file Form 1116 Schedule B. However, the below notice has been sent to taxpayers regarding Form 1116 Schedule B.
If your return has been rejected regarding Form 1116B, please know that the issue is being resolved in a product release scheduled for March 18, 2022. Your tax return now includes updated information to carryover of foreign taxes. On or after March 18 you'll need to sign into TurboTax, complete a quick review (steps below), and resubmit your return. Please note this is just for your federal 1040 tax return. To review and re-submit your return, follow these are the steps if you're using a CD or downloaded version of TurboTax:
Note: The calculation change may affect your refund.
I guess you posted this here as you were looking for customers mentioning form 1116 Sched B so maybe someone else would see it.
Your response isn't relevant to the question I asked. I have already filed, been accepted and actually received refund using form 1116 SchedB. What I am asking is it does not appear it includes Sched B for AMT since I am not subject to AMT. I may be in the future. I ran a printout of "All pages required to paper file" and SchedB for AMT was not included. I assume if I need to use my carryover in the future somehow TTax will keep it in background. Please re-read my original post if need clarification.
You mentioned you did find the form filled out with years of history. If this the case, Turbo Tax has a record of it that is stored if I understand your statement correctly.
The reason it wasn't in your list of forms to be filed with the IRS is because you did not have an AMT reporting requirement this year. Whenever there is a AMT reporting requirement though, Turbo Tax will have a record of all of the carryovers that have occurred. I would suggest either printing this Schedule B AMT or keep as a PDF to keep with your tax return each and every year you carryforward the credit for your own reference.
@turbokarst
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