You'll need to sign in or create an account to connect with an expert.
But when will the Schedule B for the foreign tax credit be available?
@patthornton1 wrote:
But when will the Schedule B for the foreign tax credit be available?
Form 1116 Schedule B, Foreign Tax Carryover Reconciliation Schedule is estimated to be available on 03/31/2022 for printing only, it cannot be e-filed.
When I tried to finish my taxes today, Turbo Tax said March 31. What seems to be the case is that the IRS published this form December 20210 and Turbo Tax has been negligent in updating their software. Thus we are all suffering. I found the form on the IRS website but I don't know if it is possible to complete it by hand and then mail it in with the rest.
thank you. At least I can get paying estimated taxes off my mind. Re Form 116B I am gathering from comments that the fault lies in Turbo Tax. I have been a Turbo Tax user for decades and have always been a fan. But this situation, now that I know where the fault lies, is unacceptable.
Just read in The NY Times (https://www.nytimes.com/2022/03/04/us/politics/irs-chaos-tax-season-2022.html) that the IRS still has a huge backlog (20 million!) of 2020 paper returns so I don‘t want to paper file. I don‘t want to stop using TurboTax because I‘d need to re-enter so much data as I‘ve been using it for rental property for decades. Hopefully either TurboTax will allow us to upload Form 1116 Sched B as a pdf, then efile, or the IRS will rescind the Sched B requirement for this year. I may hold off and not file until October if TurboTax can‘t fix this problem before April 16th. (I made a 2021 return payment online @ IRS Direct Pay so at least I won‘t accrue penalties.)
March 31st is already unacceptable for Form 1116 Schedule B completion...but not be able to efile that's the worse!! I hope they provide us an update soon amending the date and efiling...
does anyone know if H&R Block can efile Form 1116 Schedule B?
Paper filing would be tolerable, but my question is whether TurboTax will do all the calculations on the 2021 Form 1116 Schedule B (carryovers) form. I am hoping for that - it looks somewhat complicated. Can someone advise on this point?
I have been waiting for 1116 and finally started to continue today, 3/4, but got a message during the Federal Review that 1116 Schedule B is not availabe until later. I checked the link for the availability of all TT Forms and it says 1116 Sch B is not available until 3/31 and Efile is not supported.
TT,
Please clarify! We are all advised to file our taxes early and thru efile only, but TT is making neither of these options possible! These past few years, I have been having a lot of quality issues with TT and not sure if I will continue using the product in the future.
"it says 1116 Sch B is not available until 3/31 and Efile is not supported"
That is BRAND NEW INFORMATION!
I've tackled the SchB and it isn't too bad. The last page of instructions has a table and you use those numbers on the top line of actual Sched B. The instructions are somewhat unclear but just think of what you're trying to do... if you have some unused credit you just go year by year left to right filling out and using or building up credit. The upper right cell of Sched B should agree with your 2021 form 1116 line 10 and the bottom right is the number you are carrying over to tax year 2022 return. I have to admit I was stuck for a bit and just thought if I was building a spreadsheet to do this how would I do it. The data you need is on the foreign tax carryover worksheet (forms you don't send in.)
I also tried using the deduction instead of the credit, but if you are taking the standard deduction instead of the itemized deduction it will not matter. The standard deduction stays the same. If I use this method, it appears that I will lose the entire credit. (a substantial amount).
Yep! cwkhsk's was the 31st time that March 31 was mentioned as the date for 1116 Sch B in this thread. I'm sure that has SOME kind of significance.
What phone number to you use to actually speak to a human? If you publish the number, then we can all call Turbo Tax, but it also seems to me that the IRS is also the hold-up. Thanks for the help.
I tried the "workaround" to take a deduction instead of a credit and my taxes went up by $856, and this for a mere $25 foreign tax credit carryover :(
Intuit should offer a partial credit against the purchase of the product since I now have to paper file both Federal and State.
Based on the recent comments, above, is there someway to communicate to TT to give us the ability to attach a 1116 B pdf file to TT and file electronically, ASAP? How do we communicate this with TT so we can reach closure on what they will or will not do. Any ideas?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jiillll
New Member
anon30
Level 3
xgempler
New Member
bullbear43
Returning Member
alomestad
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.