Form 1116

Forum|Forum|4 years ago
March 7, 2022
1 reply
12 views

After a 2 week delay turbo tax finally did their fix for IRS updates to form 1116. I completed this form but then got this additional message: ' Form 1116 (Copy 1) Foreign Tax Credit Comp Wks: Total Outgoing C/O has a value. This will require Form 1116, Schedule B, which will be available in a future product update.' So my question is: Am I really OK to now submit my taxes or do I have to wait for a Form 1116 Schedule B Turbo Tax update? If so, the Turbo Tax 'fix' for Form 1116 seems not to really be a final fix . Could a Turbo Tax expert please explain? Also I am a bit upset that I get a message that I can not submit my Federal Forms electronically because Turbo tax claims that the IRS will not accept some of these 1116 forms electronically. Should I not receive some some sort of refund because what I purchased was supposed to include a Federal free file electronically? Please explain.

Mike9241

Level 15

you need schedule B if you have a c/o from prior years or c/o to future years.

Mike9241

us00051Author

Level 2

Is Mike9241 a Turbo Tax employee? Since I have a carryover it seems I will need to wait until Turbo Tax has their Form 1116 schedule B ready, is this correct? So Turbo Tax's 'fix' of the form 1116 issue is not a final fix for me and for many others I suspect. Seems like they are just kicking the can down the road. When will Turbo tax have the Form 1116 schedule B update done? Also I will be upset if I can not file Fed forms electronically since that was something I paid for.

DaveF1006

Level 15

Yes, according to Turbo Tax, form 1116 Sch B, is not available until 03/31 for the online version and 03/17 for the desktop version. Once available, Form 1116 Schedule B cannot be efiled.

@us00051

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"