Missing 2021 Form 1116

[jayzee99]

Finally solved this frustrating issue today after not seeing the form after my software updated. Even after a pointless hour plus call to TT.

To fix, I went in where my 1099-DIV information was entered and deleted, then reinput (I used the import method so it wasnt that big of deal). Afterwards, you re-answer the interview questions pertaining to the foreign tax and noticed some new questions such as: inputting total amount of foreign income which threw me off as I had to search for it on my 1099 detail section (there is a thread on this piece too https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-is-foreign-source-income-wh...).

Once that was done, the checks were run, no errors, and my taxes are finally e-filed. Good luck all, hope you are done with this too.

[993C4]

Using Home & Business CD for Mac and was able to complete my Form 1116 today after updating.  Good news is that it still includes the carryover worksheet and calculates Part III Line 10 correctly.  Bad news, as expected, that you still get the error "Total Incoming C/O has a value.  This will require Form 116, Schedule B which will be available in a future product update."

From the parallel thread--Options to work around the Schedule B delay:

a) Take a deduction instead of a credit.
b) State that you have no carryforward/carryback credits (or choose not to use them this year).
c) Do (a) or (b) now and file electronically, then file an amended return via mail on March 31 to handle the difference. You may not need to file an amended state return if you go this route.
d) Just wait till March 31 and file via mail.

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/2021-form-1116-schedule-b-carryo...

I would add an additional option:

e) File now via mail by printing out your return and attaching Schedule B after downloading and completing it.  (TurboTax tells you there's an error when you try to print but you can override it and "print for filing" without a problem)

Schedule B: https://www.irs.gov/pub/irs-pdf/f1116sb.pdf

Schedule B instructions and worksheet: https://www.irs.gov/pub/irs-pdf/i1116sb.pdf

For the optimistic among us, there's encouraging news from the same thread:  "At this time, our engineers are working to update TurboTax to be able to e-file the information with PDF capabilities.  The estimated date for the update is March 31st."  https://ttlc.intuit.com/community/tax-credits-deductions/discussion/2021-form-1116-schedule-b-carryo...

[dcdenizen]

TurboTax made Form 1116 available today, March 3.  I just filed my taxes including that completed form.

[Stagkorea]

Sorry but that issue is not solved. the link provided shows that the form 1116 for 2021 is "available" for both print and for efile...but TT is still not ready? I have been watching this since TT said, est 17 feb 2021 avialble...then est 24 feb 2021...then 3 MAr 2021 (e.g. today)...but within TT online it says under federal review, "you need to visit form 1116. Available = 0"

Can anyone help get this wrapped up so those of us waiting may file?

vr,

[jayzee99]

Did you go thru the interview questions again pertaining to 1099-DIV? As someone else mentioned, the form is there but TT software isn’t intuitive enough to “refresh” the form 1116 screens. I just deleted my 1099-DIV entry and re-input and it worked. 

[dmg0039]

I agree with frustration with TT this year. Why is form 1116 such a problem? After waiting for 2 months for the Mar 3 update, now the system says we need to wait for Form 1116 schedule B. When will that be available? Having TT say that we can file manually is unacceptable given all the problems the IRS is having with paper returns. When will Schedule b be available?

[robertm16]

Hi, regarding 1116 there is a more insidious situation here which could cause people to lose a lot of money.  

If you have a FTC carryover, (with the new update) everything goes through apparently fine and it just tells you that you have to paper file.  But is has not completed the carryovers correctly, it starts with the carried-in amounts from 2020 but then zeros out the carryover to 2022 (even if you have not used any of them).    It does not warn you that you have to wait for 1116 Schedule B, which one would hope will fix the carryover calculation.  Many will complete their return, file and lose all their carryovers and may not realize and then overpay in future years.

There are no error messages or warning, it is just seems to be plainly massively and wastefully wrong.

[M C]

Today is 3/3/22 and I got a message from TurboTax that form 1116 is now ready so I got back into my account and it still said the foreign tax credit needs review and they did not yet have form 1116. So I called Ttax and the person I spoke with said I was her second caller to complain about it today. They also could not get theirs to work. Her only explanation was that “maybe” Ttax just doesn’t have it loaded into their system quite yet and keep checking back. What a disappointment!  I’m at a total loss as to what to do as I’ve already paid them as well not to mention all the time I’ve already spent trying to fill out the forms and resolve the issue. 

[fctmaghoul]

The table says 3/31/2022 for form 1116!  

[SeattleGuyGal]

I used online version. I took foreign tax credit, didn’t have any carryovers or AMT, so could complete today and file.

[Mr MaGoo]

To be removed from these messages, click the "grandma" icon in the top right, and then change your subscription settings.  

[oystersauce]

seems OLT.com is able to overcome the Schedule B debacle turbotax is going through. I did have a good conversation with a turbotax rep on getting a refund. too bad turbotax can't figure out how to correctly deal with Schedule B because their customer service and tax experts have been pretty good.

[jmztt]

1116 is Finally working CD version

Was able to get 1116 as a credit to come out

Had to play with the entry to get it to come out correctly. Much more difficult vs last year

Even though my credit was thru a Brokerage import TT did not auto populate so I had to enter it manually  Also TT wanted to know my total foreign dividends which is not on my brokerage form so had to add that up manually and enter. It is part of the new 1116. 
I had no foreign mutual fund taxes

Good luck if u have to figure that one out

[smreed48]

TT says F1116 is available (https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.htm...) BUT IT ISN"T!!!!  At least TT is still giving error  message re 1116!!

[smreed48]

Why pay for TT then?