Missing 2021 Form 1116

[DJS]

If you’re not required to file form 1116 as part of your return then you should be able to complete filing. Check the last line on 1116 and see if it says do not file. 

[alsn]

I am using TT Deluxe (Windows). It says that I will not be able e-file because I have foreign tax credit carryovers which requires filing form 1116, schedule B which will be available (to print) on 3/31. Is this correct?

Does anyone know if there are any other options to e-file (such as H&R Block Deluxe Windows) or something else? Any help is appreciated. I want to avoid printing and mailing if at all possible. Thanks.

[dmg0039]

Based on a previous posting, I concluded that any Foreign Tax Credit Carryovers were of no use to me. Foreign Taxes were minor from one or two overseas mutual funds. So, after removing any history of past or current Carryovers, I was able to E-File with the March 3rd TTax update and no need for the "schedule B". Hope this helps. Has been a very frustrating experience. Hope this is an anomaly, not to be repeated.

[Taxachusetts]

@Midpack Did you know you can save more than one version of a TT tax file (at least with the desktop version)? Before running tests, save the current tax file and then save it again but with a new name. If things go awry, you can go back to your previous version. I do this all the time to test “what-if” scenarios for the next year. 

[aquinas52]

Just a few hours ago I was able to complete Form 1116 and transmit my returns on TT Premium desktop after waiting for a couple of weeks for the 1116 update.  I had a foreign tax credit but no carryover from last year - hopefully the software will work for a return w/ carryover as well.

[papayas]

Curious as to the value of your foreign tax credit. I think it needs to be less than $ 600 but cannot confirm, otherwise carryover or not you are forces to file 1116.

Honestly though this is gross incompetence. My return was ready to go had the info in form 1116 which the update has blown away. 

Looking back they had efile problems in this area in past years. But in my case I filed last year no problem 

Form what I can see the form is not even working or calculating properly.  People waited until 3/3 for the promised form which is release without efile capability. What a mess time to dump this junk. They have money to advertise at the Super Bowl but cannot get this stuff right that their competitors have working. 

[Grandpaw]

So according to the link posted here, the form will not be available until 3/31/22?  That's cutting it a little close to the deadline.  Hopefully it won't be delayed further.

[gutshdon]

I have the same situation in that I have a balance carried forward that temporarily blocks moving forward with my return and would cause having to mail the forms.

What I did was to go back and take the standard deduction instead of the credit.

I was able to then efile.  Fed. and state were accepted.

Went back into Turbo Tax and filed a X1040 amended form changing from standard deduction to asking for the credit  (went rather seamlessly) and again ran into the wall that I must wait till March 31st for the updated form that will process the carry forward and have to file by mail.  I can "deal" with waiting for the credit. Hopping I didn't somehow shoot myself in the foot. Hope that helps

[OgOggleby]

That's what I did and I had $600 in Foreign Tax paid.  So I lost $244 this year and $366 carry over, but I didn't want to have to wait until March 31 (If lucky) and then print out my entire return and schedules then have to go to the post office to snail mail it in.  TurboTax should refund my money this year, or at least a large percentage of it.

[robiecreekww]

Its March 3 and this form is still not available????

[Anonymous]

Olt.com and TaxAct support schedule B and e-filing, as described by a thread in another forum referenced here in older messages.

@alsn 

[jmztt]

It’s March 4 CD version and everything is working 

Check passed

1116 comes out Correctly and $ amount entered correctly on 1040 line 20

I am slightly over the $300 limit 

Just a heads up

You need to manually enter you total $$$ amount of foreign  dividends that ends up on 1116 line 3d. 
I know of no brokerage 1099-Div that breaks that out so u need to  calculate that your self

It gets entered in the dividend section Q&A

If u do not do this u may not get the full credit on 1040 line 20

The 1116 form does some weird calculations to determine the credit for 1040 line 20. 

[rifi]

Ah, @Anonymous , you left out the best part ( posted by  talzara, over at the Bogleheads.com forum to which you refer):

“It's not hard to add PDF attachments. Other programs can already do it. TurboTax can already create PDF files, so Intuit only has to add the attachment feature.

Intuit has more than 10 times TaxAct's revenues and 100 times OLT's revenues. Intuit should've beaten everyone to e-filing of Form 1116 Schedule B, but its much smaller competitors got there first.”

[jmztt]

Under $600 joint under$300 single does not require 1116 to calculate  or file to get the line 20 1040 credit

[nelsors]

I talked to TurboTax today.  They said  March 31 for the 2116 form.  I was disconnected before they could help me more. 

So what the holdup on releasing the 2116 form?