Missing 2021 Form 1116

[alsn]

Note, however, that OLT does not generate Foreign Tax Credit Computation Worksheet as TT does. So, you will need to manually keep track of which carryover amount(s) were used and which ones get carried over to next year. TT uses full FT from this year and then uses previous years' carryovers on FIFO basis.

[asanghvi]

"Calculated  gross income from all sources" on form 1116 is indeed higher that "adjusted gross income " calculated on line 11 of 1024.

The same is true for 2020 return.

[dave8435]

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@DoninGA wrote:The Form 1116, Foreign Tax Credit is available.

What is not yet available is the Form 1116 Schedule B, Foreign Tax Carryover Reconciliation Schedule which should be available on 03/17/2022

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Federal Individual Form Availability says the Print form will be available on 03/17, but E-file will be unsupported. When will E-file be available for Form 1116 Schedule B?

[Anonymous]

The 1040 numbers (1-11)  in TT and OLT are identical. But for what ever the reason the  TT 1116 form 

Calculated income Gross from all sources (Smarts Worksheet  A) does not pick up from that 1040 , it is higher .

Unlike the OLT it picks exactly the number from the 1040 adjusted gross income (3e)

Like i said i have no idea why and how  it is higher.  And more inputs would be much appreciated.

[Anonymous]

In turbo tax, this is Form 1116 (Gross income from all sources Smarts worksheet)

A.  Calculated gross income from all sources XXXX

There is no entry on 3 e on TT unlike OLT,

it has the agi on Form 1116 3e that it picked up from 1040

[johnosen35]

You can review the instructions for 1116 on the IRS website. It is not very clear what adjustments to make to income. There was also a variance between Taxslayer and TurboTax. Just impacts the maximum allowable credit. Difference didn’t impact what I could claim. 

[dave8435]

Federal Individual Form Availability says the Print form will be available on 03/17, but E-file will be unsupported. When will E-file be available for Form 1116 Schedule B?

[Anonymous]

Thanks, you confirmed what I see.

So there is a difference between OLT and Turbo.  Now I have to find who is correct. OLT or Turbo?

[alsn]

Although some of the TT and OLT numbers may be different, my FT credit is exactly identical.

[Anonymous]

Mine was $3 less, close enough.

[mcgaley]

Hi. Why is there still a problem / something missing on the form? I still get error messages !!

[johnosen35]

If you have carryover amounts from prior years or if this years cannot be fully used then you need Form 1116 Schedule B which doesn’t currently exist in the program. 

I printed the form off IRS.gov and submitted taxes by paper. 

[gk3]

I can wait because I have a balance due. But I would like to know if e filing will be available by the deadline.

This should give TT adequate time to resolve this issue.

[johnosen35]

The form was new in December 2021. No idea whether the IRS is even ready to accept by efile. End of March is what TurboTax is saying for paper form 

[slinba]

Several people have reported being able to efile 1116B with other tax software eg. OLT