From 1116 Schedule B,Tax year default question for years 2023,2024...

[Raytam]

Hi,
I am a TurboTax Premier desk top user from many years.
I was filing taxes through this. For years 21,22,23,24 also I used to file taxes through turbo tax but due to form 1116 Schedule B issues I could not. Though I tried but every time the there are problems to submit returns.
Now even recent years 2023,24 years --when we filled all the data, the Schedule B form doesn't default the tax year, even though in Forms-->Sch B, shows the tax year BUT in the final Preview or print or save -->the form doesn't default the year, forcing to file with an tax preparer and paying.
I did not file through TT for apprehension IRS may reject filing as the year is not there.
Just wanted to know any one ,at least in 2023,2024 used premier desktop and filed, which went trough successfully for above form ? Are you getting the year defaulted in form.?
Thanks.

[Raytam]

Surprised not received answer from any one.It is surprising out of thousands of TT users who file taxes there is no one who filed or attempted to file Foreign taxes and encountered no issues? or none filed at all Previously the forum experts/or from TT/or moderators at least used to give answer.NO more now?

The silence from TT is intriguing.If any one even now has some knowledge on this please reply!!!!!

[MarilynG1]

If you had a Foreign Tax Credit Carryover, you can enter the amount and designate the year in the FTC interview.  In FORMS, Form 1116 Schedule B shows the amount in the proper column for the year entered in the interview.  The form matches the IRS Form 1116, Schedule B Form.  If you can clarify your issue, we'll try to help.

@Raytam 

[Raytam]

Thanks for your reply.

To answer your Q:

1)Yes,I  was entering the above screen and  the carry forwards amounts of about 6 years in 2023 and 2024 Desktop Versions. For example in 2023--

              foreign taxes

2018--     315

2019------1600

2020----- 900

2021-----450

2022-----600( TT is not allowing me to post screen shot here)

2)Then If I go forms-->Click on Sch B form1116--I can see on  top right corner I see year 2023.

3)But when I go print preview or Print-->in for SCh. Form1116--(Foreign tax carryover recon. schedule)

the  -- For calendar year 20(blank),    or other tax year beginning , 20(blank), and ending , 20(blank).

So year finally results in  BLANK.

4)If I submit electronically IRS may reject or IRS may not take in to account of form Sch b and all credits WILL BE LOST  even for future claim of credit!!! This is the worry!

I(Please do not tell me print--enter by hand and submit).

I strongly wish to submit . electronically only and that is the reason even spending on TT (loyally to TT) from years,I was filing with external preparer and spending money.

I still want to try TT desk top for 2025(loyally again),but I am tired off.

Please advice.

Than you very much

[Raytam]

Thanks for your reply.

To answer your Q:

1)Yes,I  was entering the above screen and  the carry forwards amounts of about 6 years in 2023 and 2024 Desktop Versions. For example in 2023--

              foreign taxes

2018--     315

2019------1600

2020----- 900

2021-----450

2022-----600( TT is not allowing me to post screen shot here)

2)Then If I go forms-->Click on Sch B form1116--I can see on  top right corner I see year 2023.

3)But when I go print preview or Print-->in for SCh. Form1116--(Foreign tax carryover recon. schedule)

the  -- For calendar year 20(blank),    or other tax year beginning , 20(blank), and ending , 20(blank).

So year finally results in  BLANK.

(contd. below due to limitation of chars)

[Raytam]

4)If I submit electronically IRS may reject or IRS may not take in to account of form Sch b and all credits WILL BE LOST  even for future claim of credit!!! This is the worry!

I(Please do not tell me print--enter by hand and submit).

I strongly wish to submit . electronically only and that is the reason even spending on TT (loyally to TT) from years,I was filing with external preparer and spending money.

I still want to try TT desk top for 2025(loyally again),but I am tired off.

Please advice.

Than you very much

[DaveF1006]

It depends. Sometimes there is a glitch between  "Print Preview" (the PDF) and the "XML file" (the actual data sent to the IRS). Fortunately it is the "XML" file that is electronically filed to the IRS and not the pdf version. 

If your Form 1116 Schedule B shows the correct year (2025) in Forms Mode and if all amounts are correctly listed, then this information will be sent correctly to the IRS regardless what's listed on the pdf.

No, you do not need to print and enter by hand unless you wish to do this for your own records.

[Raytam]

Hi DaveF1006 ,

Thanks for your reply.

Nice to hear form you after long time.

With all due respect to you expertise, Pardon me  for sending further question.

1)Hopefully it will go to IRS in good form but is there any way for us to know every thing(schB) also gone with all correct data? or we will not know unless we order a copy of tax return?The reason I am asking if in remotest chance if data not fully populated  on IRS side, I may not be in a position to file amended tax return?(Sorry for sounding paranoid but..)

2)Are there any proposal at your TT backend tech. team to correct the glitch(guess data transfer issue step in software between formats) in 2025 version?

Thanks again.

[Raytam]

Also how to see  the data in  populated XML file that so that it can checked before IRS or any other way. Please guide.

[DaveF1006]

Currently, TurboTax Online does not allow viewing the raw XML code that is transmitted electronically to the IRS. However,You can see the data that populates that XML. To do so:

1. In TurboTax Online, go to Tax Tools > Print Center. if using desktop, go to the forms.
2. Select Print, save or preview this year's return. in desktop, go to the forms.
3. Choose "Include government and TurboTax worksheets (optional)" if working online. Go to the forms directly if working in TurboTax online.
4. Go to  "Foreign Tax Credit Carryover Reconciliation Worksheet" or "Schedule B (Form 1116)."
5. If the information you are seeking are in these forms, it is in the XML.

You can file amendments if the information is not correct and the carryovers did not populate in your return. This has been reported as an issue by some TurboTax users and this is being addressed by the developers. Meanwhile, I stand by my original statement "If your Form 1116 Schedule B shows the correct year (2025) in Forms Mode and if all amounts are correctly listed, then this information will be sent correctly to the IRS regardless what's listed on the pdf"

@Raytam .