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

[unmesh59]

@dgb65 

Selecting Foreign Tax Credits submenu in Interview and going back and forth did not seem to reset the questions which is a bummer because I'd really like to be able to use option of postponing the carryover

@TrishMarie 

I went into Forms and played with the Foreign Taxes choices in 1099-DIV. Since I'd like to tax the credit for this year but not do a carry-in, I selected Credit which then showed me a tax bill without the $25 credit carryover from 2020. On the other hand, it wants to carryover $6 into 2022 which again runs afoul of the missing 1116SB form

[cwolfe]

I am so grateful to those who know so much more than I do, and figured out you could use the deduction instead of the credit, and go ahead and e-file.  (At least for those of us for whom that would not make a big difference. . .)

  Turbo-Tax's handling of this issue has been extremely disappointing.  It has already led to a delay in filing, and it took a while to discover the workaround for it.  I hope they respond to the groundswell of disapproval at the way they have handled it.

[TrishMarie]

I have tried to get back to "I do not want to carryover my foreign tax credit" page.

I can not get that page back.

I tried using the back button, but that didn't work.

i tried closing the program but that didn't work.

How can I find that page?

[rifi]

The comments from today at this discussion may be of interest to those needing Form 1116 SchB  concerned with e-filing.

https://www.bogleheads.org/forum/viewtopic.php?f=2&t=366971&sid=b1e91ada4b916a4730f5b368aad72508&sta...

[TrishMarie]

Has anyone figured out how to get back to the page that asks you....

"Tell us about your foreign tax"

You have no foreign tax credit carryovers OR you have carryovers and you agree NOT to uses them this year.

Thanks

[cmmcdonald]

I agree and noticed the same things, the carryover credit already shows up and gets credited properly in the return because its on the tax carryover schedule, there's actually no reason  a 1116 sch B is needed to handle this other than the form 1116 doesn't understand the source for some reason? It should be very easy for TT to fix this or engineer a workaround.... ridiculous issue for a TT slow down.

[cmmcdonald]

I agree this is what will happen if you're taking the standard deduction. The only way to maximize available foreign tax credits is usually to take the credit, which forces you to use the form, and now subjects us to this situation. As I mentioned prev the carryover credit is being processed into the return correctly despite this issue, so all we're dealing with here is  form mechanics that TT should be able to figure out easily. The sch B will not change anything in the return, it just improves the form 1116 mechanics and  allows us to e-file the return.

[talltodd]

Keep pounding people! 3/31 is not acceptable. Email your dissatisfaction to these addresses:

[removed email address]

[cmmcdonald]

Yes, my fed return is complete and all expected foreign tax credits, including available carryovers, are handled properly in the return as is, although the error message everyone else has is there and prevents e-filing etc. I went into the forms and can see everything is completed properly on form 1116 and the foreign tax credit is fine. You should be able to go see + confirm that also if you've entered all your tax info. The foreign tax credit mechanics on the 1116 are fine, but the inter-form mechanics with sch B (a new form) are screwed up for some reason, which is preventing us from e-filing the fed return??

[bogalur_native]

cmmcdonald: If you have foreign credit carry over amounts, you need now Form 1116, Schedule B. This is not yet available. This is new for the 2021 return. This is the issue and this is the major hiccup.

[bogalur_native]

talltodd:

Your posting is always useful & to the point. Thank you. Is there an example of a  filled Form 1116, Schedule B from anyone? The instructions are nearly hell to fill Form 1116, Schedule B.  Thank you.

[ajwgator]

Thanks to LV_Dave's post (see below) on page 7:  His work around worked in my CD/Downloaded 2021version of TT.  The only thing I had to do different was to override and then leave the box blank.  Making it zero still returned the "can't efile" message.  Ready to efile now.... & still have previous years carryover amounts in there and got my 2021 $385 Foreign Tax Credit too!  Thanks LV_Dave!

LV_Dave

New Member

Relaxed_Duck,

   Yes, I figured out how to e-file.   Go to Forms.   Find Form 1116 in the list of forms.  Right below it is 1116 Comp Wks.  Click on it and scroll to its last page.  There you will see an entry in red, called Carryover to 2022.   Right click with your mouse in the entry and choose the Override option in the pop-up list.   Now you can change whatever number is in there to 0.   Then TT allows you to e-file.  I just did that, and best of all, I just received the email notification from TurboTax that my Federal Tax Return has been accepted!!   Yippeeee.....  (I did not want to await some pie-in-the-sky, unknown-time-of-resolution from TT regarding this 1116 Sch B, and I figure that since I plan to never claim the carryover amount, the IRS should not care.  If they do, I guess they'll make me paperfile the Sch B.)    IMHO, this is already pathetic enough that TT made us wait till March 3 to include Form 1116 in their software.   Really, really bad!

Anyhow, good luck with it!

[Relaxed_Duck]

I called TT and was provided with email addresses that I contacted. I immediately heard back from the Office of the President and am satisfied with the response: "For the Form 1116 Schedule B, the format for which it needs to be submitted to the IRS has changed and we are working diligently to update it within our TurboTax software. We hope to have it updated before the 31st of this month."

I, personally, will wait and stop over-working this. This answer is consistent with a google search that shows the IRS did not even release an initial draft of the new form until October 13, 2021. I also do not want to permanently lose my carry-over should I alter the numbers in the form to eliminate the carryover.

[dgb65]

@TrishMarie 

@unmesh59 

Sorry my suggestion did not work.   One more thought.   Try to duplicate your return:  [File] >> Duplicate.  Give it a new name, and try the same things I suggested in my last post.    It seems the program remembers how you entered answers in the past and doesn't want to let you change your previous decisions.  I'm using the Mac version, but doubt that has anything to do with it.   Unless some one comes up with better answer, last ditch attempt would be to start a new return and and re-enter all the data.  

[bogalur_native]

Relaxed_Duck:

Thank you. I agree with you. Let us hope TT takes care of this hiccup for e-filing.