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This website says Form 1116 schedule B (carryover) will be available on March 10, 2022. Will it be available automatically when using the online version?
@fgsherrillt wrote:This website says Form 1116 schedule B (carryover) will be available on March 10, 2022. Will it be available automatically when using the online version?
Online TurboTax updates automatically when updates are released, but the time of day is unknown.
The Forms Availability Table shows Form 1116 Schedule B (Foreign Tax Carryover Reconciliation Schedule) to be available for print purposes on 3/10/2022 and available for efiling on 3/11/2022.
Look in mobile.... It is the same 3/10 and 3/11.
@Anonymous Override and CUT. Brilliant! Never would have tried that.
It works for me, but I'm on Mac so it's a little different. There is no error showing on the Form 1116 itself. Only on the 1116 Comp Wks does the error show. So I did the override/cut on the carry in and carry out total lines, which removes the error and allows for eFile.
In my case, my 2021 foreign tax paid already exceeds my limit, so the $30 carry in from last year doesn't help me anyway.
I do note that the PDF of the return-to-file includes a "Foreign Tax Credit Carryover Statement" which shows the $30 carryover from 2020. Hopefully that doesn't trigger an issue with the IRS. I'll have to decide whether to amend the return to include Form 1116 Sch B once it's available, or just leave as is and include the correct carry in/out numbers next year.
All that said, I see that the missing form is now "supposed" to be available on Friday March 11. So I guess I'll just wait a few days. If it turns out to really be available for eFile, this will all be moot.
According to your information there is one error regarding Foreign Tax carryover for alternative minimum tax. How can this be corrected?
This form will now be available for e-filing. The Forms Availability list shows it available on 3/11.
IRS forms availability table for TurboTax individual (personal) tax products
State forms availability table for TurboTax individual (personal) tax products
My problem was that the current version of turbotax does not support schedule E for the foreign tax credit carryover. It is supposed to be fixed on March 11. I think there is also an update on March 11 related to the foreign tax credit and the AMT, but am not sure what is in there as this is not my problem.
of course, they are unrelated
sorry, I disagree..... you only need new sch B to e-file. Form 1116 prepared in TT already picks up the carryover properly from the carryover form as in the past, without schB, so return can be filed manually + takes the credit properly without a sch B. My point is this is only a form interaction issue which should be an easy fix for TT.
Please turbo tax find a way to support 1116 sch, b for efile. I have used TT since floppy disk days and want to continue using, but if I can't e-file I will have to abandon. I suspect there are many others in my situation.
@jflick wrote:
Please turbo tax find a way to support 1116 sch, b for efile. I have used TT since floppy disk days and want to continue using, but if I can't e-file I will have to abandon. I suspect there are many others in my situation.
Form 1116 Schedule B, Foreign Tax Carryover Reconciliation Schedule will be available in TurboTax for printing on 03/10/2022 and for e-filing on 03/11/2022
Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html
Excellent. Thanks!
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