Form 1116, Schedule B: discrepancy between the data on the TurboTax online screens and the printed values on the final return.

[Mary67]

Although on the interview screen the carryover amounts are correctly listed for each year, on the printed report the data for the 2021 is wrong (larger amount). The program does take into account the data entered/existing on the screen. 

Other details: 

- None of the carryover was ever used; 

- in 2021 and 2022 I used another software for filing, after first completing a draft on the TurboTax online. It may that one those entries relative to the foreign tax (consequently carryover amount) was erroneous in one of those drafts. 

- I noticed only now that this mistake exists also on the 2023 tax returned - which I filed using TurboTax. 

- The screen that opens for corrections on the carryover data lists the correct values. 

Please advise on how to correct this error? 

[AmyC · Accepted solution]

You can use the download version to amend tax returns. Open your file and say that you want to amend your 2023 return. Download the software and download your .tax file with your information. 

See How do I amend my federal tax return for a prior year? Choose online until you reach select Amend using Desktop and follow those directions.

Once you are in the desktop version, you can switch to Forms mode and verify the correct number are showing on the tax forms. If not, you can manually correct them, either through an entry or a right click and override.

File your amended 2023 forms and carryover the correct information to your 2024 return. Verify your forms are correct before filing. To see your forms:

• In desktop, switch to Forms Mode. 
• For online, see How do I preview my TurboTax Online return before filing?

[Mary67]

Thank you for your message. It worked wonders for generated an amended return for 2023.

The question is now how do I upload the amended turbotax 2023 file  into the online version that I am using for the 2024 return (which I almost finished ) ?

Thank you.

Also, except the the carryover lower amount for the 2021, there is no other change in the tax situation for 2023. Do I really need to file the amended return?

Thank you again. 

[Mary67]

Hi again, 

My attempt to transfer the amended return from my PC to TurboTax online failed. I got the message:

"You cannot upload last year's tax file.

Once you register your tax return, or pay any TurboTax fees, we can no longer clear and start over."

(Yes, I paid , because paying TurboTax fee is the only way one can see the final forms - on which I discovered the mistake to be corrected.  I did not file though !)

Since I am at square one, please advise how to enter correct data on Form 1116 Sch. B while using the online version. (reminder : the program does not react to the changes on the screen pertaining to carryover amounts).

Thank you. 

[DaveF1006]

Yes, go to your foreign tax credit section and review your entries.

1. Go to Federal
2. Deductions and credits 
3. Estimate and other taxes paid 
4. Foreign Tax Credit>start or revisit

Now go through the section until you reach the carryover screen like the screenshot illustrated below. Once you record information here, the carryover amounts will populate in Schedule B form 1116.

[Mary67]

Thank you, Dave. 

It happens that the screen shows correct data, but the final return shows wrong data.  The program does not take into account the changes made on the screen.  (My question is part of a continued conversation. Please check my initial question on the topic, and the answer from your colleague AmyC).

The mistake is on a draft (which I did not file nor paid for) for the taxes for 2021 .

I followed Amy's advice and I corrected the issue in the amended return for the 2023. Now, since I paid for  the 2024 return, I cannot upload the amended 2023 return and start over. 

Please advise on my options on how to correct the data on the Form 1116 Sch. B: 

- I could send my amended 2023 return (or only the corrected 1116-Sch.B) to you - in the hope that you will be able to override the restrictions and enter the correct data? Or:

- could you enter the changes directly in my 2024 return - if I provide the correct info ? (there is no need to file the amended 2023 return since except lowering the carryover amount for 2021, nothing else is changed)

- other way?

Thank you. 

(the issue is important, as will affect the next year(s) return as well.)

[DaveF1006]

No, there is no way we can make these changes for you. My suggestion is to pay for the extra service and have one our LIVE tax advice agents assist you to determine the best course of action. This might be worth the extra money as this service may offer a benefit to you that outweighs the cost.

If you are using Turbo Tax Desktop, select the review tab. The live Tax Expert option is available for $60. For Turbo Tax online, go to the left hand side of the screen an select switch products. You then have the option to pick Switch products and then upgrade.