Form 1116 schedule B

[FLbillinboca]

Sad face, that I PAID for this, and its incomplete.

[DoninGA]

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@FLbillinboca wrote:

Sad face, that I PAID for this, and its incomplete.

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Form 1116, Foreign Tax Credit is available

Form 1116, Foreign Tax Credit for AMT is available

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

[FLbillinboca]

Are these the instructions for the CD premier version?  

or the online version?

Can you explain why this form was NOT included or downloadable ?  

-it seems like a pretty big miss.

[FLbillinboca]

yes, but it may cost you $

do you have carry over of FT?

[FLbillinboca]

so I read....  I will wait, and update after 3/11/22

but that does not forgive this omission....   still awaiting to hear why it wasn't included in a premier version.

[FLbillinboca]

fwiw, I had to create a new id this year.  some recovery problems and unable to navigate to your customer support.  

and no I'm not calling and waiting on hold, or providing my full ssn.

[lbarusch]

Many of us will wait to file the federal return until Sch B Form 1116 is incorporated into TurboTax March 31. Would you please set up TurboTax to allow us to file  the STATE tax return now? Currently if you can't file the federal return electronically you can't file the state return electronically. The federal foreign tax credit has no effect on state returns. Thanks

[usapayer]

I'm puzzled. I need to use 1116 (over 600 for married couple), but have no carry-over or carry-back, so will I need the new schedule B, which I gather is meant to supplement line 10, which is always zero for me? If I don't need the B attachment, why does system stall me here? I am required to file state electronically, so filing paper version is not an option--also for other good reasons. I hope the recent March 11 promise solves this. Also I wonder if this is only a problem with the online edition? I generally use the download, and in my rush to get started this year, I made the mistake of doing download, having not read completely my "notes to self." Longtime TT user. 

[tfberry]

Thanks to you and DaveF below in this thread.  I am prepared to file paper but don't want to due to the ridiculous delays in processing paper....so I'll be a bit patient.  People blame TT and they deserve part of it but let's be fair.  The stupid IRS didn't even create this form until Dec 2021.  And the old "Foreign Tax Credit Carryover Statement" has much more info than Form 1116 Schedule B which I have obtained online from the IRS and filled out the form (PDF format) just in case I'm forced to do paper.  The ONLY info on it not on previous FTCCS form was the carryover generated for 2021 year.  Yet the old FTCCS form has much more info such as Foreign Taxes for each year paid and Utilized column which Schedule B has neither.  

[DoninGA]

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@tfberry wrote:

Thanks to you and DaveF below in this thread.  I am prepared to file paper but don't want to due to the ridiculous delays in processing paper....so I'll be a bit patient.  People blame TT and they deserve part of it but let's be fair.  The stupid IRS didn't even create this form until Dec 2021.  And the old "Foreign Tax Credit Carryover Statement" has much more info than Form 1116 Schedule B which I have obtained online from the IRS and filled out the form (PDF format) just in case I'm forced to do paper.  The ONLY info on it not on previous FTCCS form was the carryover generated for 2021 year.  Yet the old FTCCS form has much more info such as Foreign Taxes for each year paid and Utilized column which Schedule B has neither.  

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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

[Curt14]

Teresa,

I too am hamstrung by the Foreign Tax Credit again this year.

If I decide to e-file now without the credit and submit an amended return later, you indicate I need to first delete Form 1116 and the Form 1116 worksheet from my return.  Will deleting these forms also erase the history of foreign tax credits and carryovers from the program? I presumably need to maintain this data for the amended return and for future returns. Please let me know via e-mail as I'm not sure I can find my way back to this site.

Thanks,

Curt14

[usapayer]

DoninGA: to be further fair, the "stupid IRS" is grossly underfunded, intentionally no doubt, because tax cheats have at least a third of the Senate in their pockets to prevent reform. Increasing resources for the IRS is one act that would more than pay for itself by increasing audits of entities that hide their income, and return more $ to the Treasury than what it costs to do so. 

[usapayer]

I am certain it would be much less trouble to wait for a fix--you have until April 15, and even then filing a simple extension gives you another ~ six months. But really, this problem will likely be fixed soon enough to complete your filing correctly by April 15. And avoid the advice to erase anything. 

[larlava]

When will the Form 1116, Schedule B be released?

[DoninGA]

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@larlava  wrote:

When will the Form 1116, Schedule B be released?

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Form 1116 Schedule B, Foreign Tax Carryover Reconciliation Schedule will be available in TurboTax 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