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.
you need schedule B if you have a c/o from prior years or c/o to future years.
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.
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.
Hello. I received the same message and am wondering if you went ahead and filed by mail and if you had an more issues. Thanks!!!
I just saw that this was posted yesterday. Sorry. Well if you have any other info that would be helpful, please let me know. Thanks!
I had been waiting for the Form 1116 Schedule B which DaveF1006 had, in a previous post, said would not be ready for the online version until 03/17. But I brought up my taxes, got the most recent updates then went through the review process again and generated a PDF. I did see that a Form 1116 Schedule B was generated. So was this update done sooner than expected? I then did over some of the review steps. I did not get any message that I could not e-file the Federal Taxes, like I had before. Is it now OK to e-file the Federal taxes? Does the Form 1116 Schedule B now get included in the e-file. Please if you could respond.
Dave,
1) When will the new Form 1116 Schedule C -Foreign Tax Redeterminations be available in 2021 Turbo Tax Premier (desktop version)?
I am required to report my 2020 foreign tax refund on the new Schedule C along with my 2021 federal filing (the year when my 2020 foreign tax redetermination occurred).
See https://www.irs.gov/forms-pubs/about-form-1116
2) Am I understanding you correctly that I will *not* be able to efile my 2021 return using Turbo Tax if I am required to file the new Sch B (and C) for Form 1116?
It depends. At this time, the form is neither supported nor available in Turbo Tax. My suggestion is to download the form here and then complete it along with your return. Then print and mail your return to the IRS, which includes Form 1116 Schedule C.
It is correct that you will not be able to efile if this form is required.
I filed a 1040 extension for 2021 (not yet filed) and now discover that I have foreign tax redetermination for January 2021. My foreign tax carryover from 2020 is higher than the tax redetermination for 2021 (i.e. I will have, net, a foreign tax credit carry forward to 2022). Do I have options? Do I need to still file Form 1116 Schedule C by mail and the many pages of my return that now cannot be e-filed? I understand that if I do have to file Schedule C, TurboTax (TT) does not support said form, which begs the question, does TT have a schedule that highlights when unsupported tax forms may be implemented into the program in the future?
Is there any update on the support of Form 1116 Schedule C on TT ?
@DaveF1006
No. Turbo Tax doesn't support Form 1116 Schedule C at this time. If you do need to include it with your return, you may download here and then you must print and mail your return.
Here are the instructions to fill out Form 1116 Schedule C.