2021 Form 1116 Schedule B (carryovers) can't efile

[KKAA]

Greetings,

Hopefully, someone has a reassuring answer, preferably at TurboTax, to my concern below.

I just downloaded the 03/03/2022 update for Form 1116. However, having completed my Step-by-Step input and run the subsequent error check , I am receiving back the error message:  "Foreign Tax Credit Comp Wks:  Total Outgoing C/O has a value.  This will require Form 1116, Schedule B, which will be available in a future product update."

Accordingly, I must ask, "has TurboTax published a firm date as to when will this future Form 1116, Schedule B, be available?  More specifically, "is this release expected before April 15, 2022, the payment date for 2021 tax estimates"?  Additionally, in the event that a fully-tested, updated Schedule B for Form 1116 is not available by April 15, I must also ask, "what are the likely IRS implications to any tax filing, electronic or mail-in, should this completed Schedule B form not have been included or available prior to submitting a filing"?  Finally, I must wonder, if there is not a simple hand calculation workaround should this Schedule B Form update not be available by April 15, and if so, what would it be.  Thanks.

[sjlocke]

"Hopefully, someone has a reassuring answer""

Have you missed the rest of the discussion?

[jtrevor]

I wish there was a way to post key responses at the top of this thread.  The same questions are being asked, and answered, over and over again.  KKAA, your first two questions are already answered.  The third has been discussed if not answered: the biggest concern would be any impact it has on the size of your refund or payment.  The fourth: no, there is not a simple hand calculation for this section; it is fairly complex.  You would have to read the IRS Form 1116 and 1116 Schedule B instructions.

[kulesa1084]

Today is 3/3 and online it says form 1116 is available but when I try to file, turbo tax says form 1116 is not available yet? Is the form ready or not?

[jtrevor]

Form 1116 is available.  Form 1116 Sch B, which is not Form 1116, is not.  On that same page it says Form 1116 Sch B will not be available until March 31 for paper filing, and "unsupported" for e-filing.

[Taxlax]

The bug you mentioned still present even after today's (3/3/2022) update. I have exactly similar problem. I hope they correct the same soon.

[jtrevor]

It's not a bug.  1116 and 1116 Sch B are not the same thing.

Please, people, read the other answers before you post!

[ethan4]

Following this thread, I now understand why Intuit treats its users with contempt. I had already understood the inverse.

[ASCP]

Thanks,

I saw the March 31 date for the availability of Schedule B for Form 1116, and I saw "not e-file supported", but what I did not see is if TT planned to offer e-filing of Schedule B in the future and if so when.

[Taxachusetts]

Thanks, talltodd. Schedule B of Form 1116 is in landscape orientation, something I don’t recall seeing before as part of a 1040. If the IRS will accept only a PDF version of Schedule B, perhaps it’s because the IRS’s antiquated computer systems can’t handle an integrated electronic version of a document in landscape orientation. Keep in mind that the IRS has been notoriously behind the times in terms of their computing capabilities.

[DHunny17]

Now the forms availability page says 1116 won't be available for e-file til 3/31/22.  I agree VERY frustrating.  What's more, I need 1116 Sch B (carryovers) and they can just say "unsupported" for e-filing.  EVEN MORE frustrating since now I'll need to print and mail (at my additional time and expense).  Been a TT user for years but this probably makes one switch.  C'mon Intuit!  At least refund some of the $50 that people paid for this product!

[HK-NYC]

@Taxachusetts   I don't think the page orientation has anything to do with it.  What we see visually on our screens is the data presented in a format we can understand.  An electronic data file has fields and values in them and is pretty much in a compressed format that we would have a hard time reading or understanding.  That same electronic data can be presented in any page size / orientation / font desired. 

What I would venture to guess is that the IRS published the visual format for Form 1116 and its Schedule B (you can view and download the PDF forms from the IRS website) but it has not published the electronic format / data fields for the said Schedule B so that tax filing applications such as TurboTax to feed the relevant data into. 

Based on what I've read in this thread, the IRS is prepared to accept a PDF of Form 1116 Schedule B but TT has (possibly) yet to figure out how to append a PDF (a visually formatted file) to a data file.  If other tax filing applications such as Online Taxes (OLT) has figured that out, TT should too if they put resources to it.

[Zack1982]

I'm in the same boat. I will be mailing my federal return and finding an alternative tax prep for 2022. Total bait and switch, but not worth the effort to to change at this point.

[ASCP]

Thanks to jtrevor,

Does anyone know if HR Block offers e-filing of Form 1116 Schedule B?

I would be willing to buy HR Block software in order to e-file.

[MikeS37]

Count me in the "screwed" category due to the missing Form 1116, Schedule B not being supported by TurboTax.  Hopefully TT will address this issue ASAP.  If not, I'll be using different tax software next year....