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Do we have to file form Form 1116 (Schedule B), Foreign Tax Carryover Reconciliation Schedule?
I used a foreign tax credit last year (2020 taxes) and I have Tax credit left that wasn't used and can't be used. And probably won't even be used as I don't have, or plan to have, any foreign income anymore.
So does that mean now I can't e-file and even to file by mail I need to wait till March 31st?
That's simply not true. The form and instructions are already out--have been since December. Maybe TT wants it already to plug into their system. Like let the government (that's paid for by us) do the work? Perfidy! /s
Is it fixed? Mine refuses to go past Error Check...Federal and State run then back to Fed...repeatedly
No; it's not fixed yet. TT says it will be fixed by 3/3/2022. Fingers crossed.
I just checked the link showing the availability of federal individual forms. There are two columns, print and e-file. Which would apply to turbo tax users who purchased the software and downloaded it on their computers?
Either column. Depends if you want to efile your return or print and mail it.
And are you looking at the right list? There is a page for the Online web version and separate pages for the Desktop installed program, Windows or Mac.
This is insane. If e-filing is not possible then my money will go elsewhere.
This feels like a bait & switch. People are feeling duped.
irs has not changed form since january and turbo tax keeps delaying its availability. i couldn't get stimulus monies when everyone else did and this is delaying my crazy big refund. ex this my return has been ready for weeks. i'm losing interest. i will be charging turbo tax a late fee and interest.
I really hope it's March 3 and not March 31. The fact there's a month difference between the link you provided and what TT said over the phone is very troublesome. If you can't trust TT communicates, it might be time to look elsewhere.
Someone else posted that date earlier in this conversation.
I would think class action lawyers might see opportunity here.
According to Forms Availability in TurboTax Online/Mobile, Form 1116 will tentatively available on March 3rd, 2022.
And, it can be e-filed.
I think someone above in the chain did a search for the 1116 in the link above and saw that Form 1116 Sch B, Foreign Tax Carryover Reconciliation Schedule won’t be available until March 31st, and can’t be e-filed.
To claim the Foreign Tax Credit, you must have paid, accrued, or owe taxes on foreign income that is also subject to U.S. income tax. It must be an income tax or a tax in lieu of an income tax that's imposed on you, and is a legal and actual foreign tax liability.
Hi John, the TaxExpert Employee at TurboTax:
You emphasized that Form 1116 can be e-filed.
You mentioned that Form 1116 Sch B, Foreign Tax Carryover Reconciliation Schedule won’t be available until March 31st, and can’t be e-filed.
IF Form 1116 Sch B is needed (as it is for many people who need Form 1116): can Form 1116 and the rest of the return be e-filed, or must the entire return be printed and mailed?
Now, for the person (onefish) who recently mentioned class action lawyers (“I would think …”), did you pay close attention to the Terms and Conditions you have accepted (or will need to accept), and this discussion in its entirety? Though the work-around remedy is a class action of a sort, and an ingenious one at that. And one conducted by lawyers. Class action lawyers.
A pity.
If only TT would put as much resource into perfecting their product as they do into protecting themselves.
To be fair though, TT is under a microscope. I've filed many, many good returns over a lot of years. They'll get this one right eventually.
I am assuming that nobody that needs the schedule B will be able to e-file with TT, though I would also love to know what John has to say about that.
I have another problem with TT, which is depreciation and amortization. TT says the page is under construction (I am using the online version). TT promised to fix the problem by yesterday, but it's not fixed yet (surprise, surprise). I will switch to another company. Considering TaxAct and OLT, which some people in this thread point to. That is not a move I really wanted to make.
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