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Level 4

Solved

Form 1116

65 replies
420 views

I noticed that there is a "Do not file" notice on my 2021 Form 1116. Does Turbo Tax have a timeline for fixing this issue? I assume that if I were to e-file, using the current form, that the IRS would reject my submission.

JulieSAnswer

Alumni - Intuit

The source of my confusion over this, is that it states on Form 1116 that it is not required, because I met certain exemptions from filing it (the total benefit was $17). The review showed no errors, and the PDF for filing did not have the form attached.

In some cases, Form 1116 is not required. If all of your foreign tax is reported on Form 1099-INT, 1099-DIV or Form K-1, and you have no exclusions or carry overs, you may not have to file Form 1116.

If you want to check this, you can delete Form 1116 from your return and see if you can e-file without it.

This is how to do that:

From inside the return, scroll down to Tax Tools on the bottom of the left side menu.
Select Tools.
Click on Delete a form (third on the list at the bottom of the screen).
Find Form 1116 on the list of forms.
Click Delete to the right.
Confirm your Delete.
Click Continue in the lower right.
Click Continue with my return.

At this point you should be able to complete your e-file. If your Form 1116 repopulates, you have a carryover from 2020, or another situation that requires the form, and will need to wait to file.

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DoninGA

Level 15

If you have a Form 1116 included in your tax return you would not be allowed to e-file since the form is not yet ready for e-filing.

Form 1116, Foreign Tax Credit for tax year 2021 is estimated to be finalized and available in TurboTax on 02/24/2022

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

scotsman2Author

Level 4

Thanks!

2018problems

Level 5

they issued the 1116 form on 3/3 but then it requires an additional form 1116 Schedule B and there is no info as to when it will be available

mesquitebean

Level 15

@ 2018problems wrote:
they issued the 1116 form on 3/3 but then it requires an additional form 1116 Schedule B and there is no info as to when it will be available

Form 1116 Schedule B ( Foreign Tax Carryover Reconciliation Schedule) is a print-only form and is projected to become available for those who need it on 3/31/2022, according to this table:

TurboTax IRS Federal Forms Availability Table:
https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

yehjt

Level 2

Thank you.

I do have a foreign tax carry-over and need to wait for the availability of Form 1116 Schedule B for the foreign tax carryover reconciliation Schedule. The required calculation is not that complicated as long as one has the 2020 Return data. 3/31/2022 availability is very late. I am very disappointed.

cptt21

Level 2

I have gotten several responses to a problem filing form 1116. ALL of them have been wrong. I still can NOT file my taxes (other than this my taxes were done in mid February) because form 1116 will not allow me to take the credit. I want to file form 1116 and get the credit.

Can someone from TurboTax please provide me CURRENT instructions on how to do this. Before sending, please go through the steps with the MAC desktop Premier version so I know they will work.

Thanks.

CarissaM

Level 15

@cptt21 This form will be completed on March 11, 2022. It would be best to wait until then to try to file with the form.

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JustMe3i

Level 2

In my situation I am not required to file a form 1116 since the foreign tax instrument was held by a USA brokerage and I paid well under the reporting limit of $600 (married filing jointly). I can follow the solution and remove the form 1116 from the return, but I still wish to receive credit for the foreign tax paid. Instructions for the form state that I can enter the foreign taxes paid on schedule 3 of form 1040. How do I accomplish this in TurboTax?

Colbecker

Level 2

Your situation is exactly like mine. By removing the FM 1116, Turbo Tax then defaults to apply your credit via schedule 3. Unless of course you have underlying conditions that deem 1116 necessary.

morgan50

Level 2

When will I get information on filling out this form? I am ready to file except for this form.

Paperclip13

Level 2

Got the form. Now get the message "We can't e-file your return because we are unable to locate the attachment at/attachment/Form1116ScheduleB.pdf. Please go back and reattach it. Then try e-filing again." OK, so how do I reattach form 1116B?

ChondelLO

Level 12

@bgstamm @Paperclip13 Have you been able to file or do you still need assistance?

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theforeigninvestor

Level 2

How do I claim Georgia State Tax Credit for Taxes Paid on investments in a foreign country?

theforeigninvestor

Level 2

How do I claim Georgia State Tax Credit for Taxes Paid on investments in a foreign country?

JohnW152

Alumni - Intuit

You can't claim these taxes on your state return.

According to the Worksheet for Other State(s) Tax Credit in Georgia's IT-511 Individual Income Tax Booklet:

Georgia allows a credit for tax paid to another state on income taxable to Georgia and the other state. Use these worksheets to compute the other state(s) tax credit for full-year and part-year residents. Do not file these worksheets with your return. Keep them for your records.

Enter the Total Tax Credit on Form 500 Line 18. Include a copy of tax return(s) filed with other state(s). The credit is for state (including Washington DC) and U.S. local income tax only. The tax must have been imposed on net income. No other income taxes such as foreign local, foreign city, foreign province, foreign country, U.S. Possession, etc., qualify for this credit.

[Bolding mine.]

@theforeigninvestor