Form 1116 schedule B

[chaz128]

I had to use H&R Block's program because of this issue, which meant I had to start over.  It took me a long time, but it was seamless, and they had all the forms I needed.

I highly recommend.

TT really dropped the ball on this one!  Guess which program I am going to try first next year???

[rpromm]

That is not a customer friendly answer.  I paid extra for the premium product because of my more complicated tax reporting requirements.  Even if Form 1116 Schedule B becomes available before 3/31, TT has no plans to incorporate it for e-filing.  That is not an acceptable answer.  Please forward this to the higher-ups at TT.

[rpromm]

the current forms schedule says that Form 116 Schedule B will be available on 3/17.  The schedule also states that e=filing is "unsupported".  I take that to mean that they do not intend to provide e-filing with this form perhaps ever.

[roniasa10]

I have the same issue and just finished a call with TT support.

It looks like they are not planning to support e-filing with 1116 schedule B this year.

I've been using TurboTax for 6 years now and always been an avid supporter. This is really disappointing, as it is a major regression in the product, which overcomplicates the tax return filing, not to mention it will forever take to get the refund.

I hope there are TT folks monitoring this and are escalating it .

Someone mentioned HR block and other software do support these forms for e-filing ? How hard is it to migrate from TT to HR Block/others?

[DavidR74]

I need Form 1116 schedule B to complete my home/business return.

California mandates an e-file.

will e-file be available?

[Doug1155]

Hey fsw,

I think you captured it pretty well at least as I read it.  In contemplating all of this, I've decided I can only wait until the form is available and mail post 3/31.  To E-file early, I'd have to write the IRS a check and get it back when amended.  Would rather not let that happen!  

Another option I tried and I think works based on my experiments is to print the Form 1116 Schedule B from the IRS website, print the TT tax return, stick the Schedule B into the pile and mail now.  The Schedule B is actually a fairly simple form and the data exists in TT.  

Having said that, I'll probably just wait as I'm not in a big hurry and maybe something good will happen via TT.  At least I can keep it as a back-up option should TT experience delays.  

[Doug1155]

To switch to H&R Block's software, how did you get prior years' info regarding Foreign Tax paid and taken as a credit and any carry-over.  Looks like mine came from a couple of years ago.  I've got an idea, but would appreciate hearing your experience.  

[PaulG4]

Perhaps one of the knowledgeable and helpful Employee Tax Experts can answer a few questions...

It sounds like my situation is similar to many others on this forum.  I'll share some rough numbers as an example:

- I've got a Foreign Tax Carryover of roughly $1700 going back to 2012

- For 2021, I paid $900 of Foreign Taxes, $600 of which can be utilized

- I'm due a significant Federal and State refund (poor planning on my part, due to crazy COVID-related issues)

So I don't want to paper file (delaying my refund) and I don't really want to give up $600 of foreign tax credit or my $1700 of carryover.  I wouldn't mind deferring my carryover to future years.

Question 1: Sounds like I can efile without Form 1116, then file an amended return with Form 1116 later.  I'm not clear -- can that amended return be an efile or must it be a paper file?

Question 2: As asked previously by Doug1155, but I couldn't find an answer: "can you just delete the carryover amount credited this year, so make it zero, and still claim foreign tax paid in 2021 or do you have to forego the full credit including the foreign tax paid?"

Question 3: If the answer to question 2 is yes, what happens in future years -- does the unused old carryover and any new 2021 carryover get retained for 2022?

Question 4: If there is a way to just forgo carryover this year, it would be great if an expert could share step by step TurboTax instructions like TeresaM previously provided.

Thanks to everyone who has shared their knowledge on this issue!

[EbonyA]

It was confirmed this morning that form 1116 Sch B (Foreign Tax Carryover Reconciliation Schedule) will now be available for e-file and the forms availability list has since been updated accordingly. As you will now see, it is slated to be finalized for e-file on 3/11/22 and for print on 3/10/22.

[PaulG4]

This is great news!  Thank you for updating the community, and to TurboTax for listening!

[lenwales]

Can I e file without form 1116

[Cctt]

Thanks for the specificity.  However, while I recall the black menu bar (including Tax Tools) on the left in prior years TT software, it is not appearing to me this year.  I am using an iPad with up to date iOS.  Help?

[Cctt]

LGB!

[Cctt]

Very good to hear!  

How will we (or how will TT) incorporate that form into the software and, more importantly, into the all-but-finished returns that many of us are sitting on while waiting for this fix?

Will it happen automatically after 3/11 if we simply click “Review” again?

Thanks

[DaveF1006]

Yes, once the update is complete, it should appear automatically in the return.

@Cctt