Missing 2021 Form 1116

[rifi]

I found and read the discussion you mentioned, @whodiini.

That BillM223 certainly did do a good job. I’ll have to remember his name and seek him out if I stick with TT and have a difficult question in the future.

@BillM223 

[remcg03]

I just checked the IRS website and Form 1116 is clearly available!

https://www.irs.gov/pub/irs-pdf/f1116.pdf

[rtrace11]

I made the move today and switched successfully to OLT.com. It seemed waiting or seeing all your (repeating) questions come by was better spent on switching away from TT. It was long overdue. I had an accuracy issue with TT last year which they completely ignored questions or concerns. This 1116(b) debacle is totally up to them as other online filers can do it. So, service is terrible and now the product as well.

OLT.com does a nice job, is significantly faster and you can actually see every form and schedule before submitting. And, oh, did I mention its free? Yes, including 1116 B and (is use general and passive categories) and it worked great.

If you for some reason still want to carry your $ to TT and your situation is simple keep the following in mind. You may not need to wait for TT to maybe or not add a few hours to update their product. Good luck!

• If you meet ALL of these requirements you will be able to claim Foreign Tax Credit directly on Form 1040 without filing Form 1116.
• 1. All of your gross foreign source income was from interest and dividends, and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement).
  2. If you had dividend income from shares of stock and you held those shares for at least 16 days.
  3. You are not filing Form 4563 or excluding income from sources within Puerto Rico.
  4. The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly).
  5. All of your foreign taxes were:
     • Legally owed and not eligible for a refund, and
     • Paid to countries that are recognized by the United States and do not support terrorism.

[mtp79]

Does anyone know if OLT is able to prepare 1041 Trust returns?  I looked on their website but it looks like it is just for individual returns.  I am having the same issue with Form 1116 Schedule B for a Trust return using Turbotax Business and it appears that Turbotax isn't planning to add the 1116 Schedule B to the available forms in Turbotax Business.

[rtrace11]

I did the question about a Foreign Trust. The also support a 1041 K Schedule. Just sign up and play around, its free for a change 🙂

[wmpyoungx]

mtp79 and rtrace11, 

Good question and answer.  In general, if all the foreign income earned by the trust is treated as distributable to its beneficiaries for fiduciary income tax purposes, any foreign tax credits attributable to that income would flow through to them on Schedules K-1. In that case, the Form 1116 release issue should not be relevant to the trust; such income and related credits would need to be addressed by the beneficiaries and their tax advisors. However, to the extent that all or a portion of the income is not treated as distibuted and therefore taxed to the trust, Form 1116 availability should be a concern.

[RealGenius]

It is really fun to see a few new comments every a few hours lol 🙂 

[RudyG1]

I agree fully! Intuit should own up to it.

Similar problem in another area last year. I couldn't eFile because of 7 cents in a wash sale bug.

[RudyG1]

Availability of Form 1116 is now 3/3.

[Dkden]

I was a very happy TT user for 15-years or so.  Big supporter.  Told everyone I know how simple it was to use.  Wrote online reviews praising it.  But no longer.

This year I have a tight schedule for a number of reasons.  I needed to file this past weekend.  TT first threw the schwab  1099 download issues in my way but I got past that by getting up at 4am and seeing if it would work.  It did.  Soooooo…. I’m set…. Do a couple more things, check data and…… run into this 1116 problem.

I went from a 5-star TT lover to a 1-Star, very unhappy customer.  TT failed me this year when My schedule needed them the most and I will seek alternatives next year.  I’m not about to pay double the price for software that fails me.  

What has happened to a once terrific company?

[segolden1]

According to IRS, there is a 2nd requirement-that the source of all the foreign taxes you are paying is from dividends only.  If you sold an foreign funds or ETFs, technically you must file an 1116.  Now it's likely true that IRS won't bother being picky of the amount is small but TT should be able to let you accurate per IRS rules.  As of today, the desktop version of TT does not even attempt to find out if my $95 payment of foreign taxes is all from dividends or not.  Sloppy but may be fixed 3/3  Face it, most accountants are going to file an 1116.  I expected more of TT and am disappointed.

[ihatefascists]

Any update on form 1116?  It's March 1 and still not available.

[segolden1]

Supposedly 3/3.

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[gk3]

I will put that date on my calendar.  I only hope that turbo tax has the proper programing in place when it finally becomes available.  Their track record on handling Foreign Tax Credits over the past several years has been poorly executed.

[redrowman]

Don't bank on what TT tells you the availability date for the form has changed at least 3 times. Just say'n