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March 4th and the Form not available although I received an email from Turbotax saying it was available. Not
Seems to be available for everyone else for 1116 (not 1116B)
Be sure you do the update
@Mark207 wrote:
March 4th and the Form not available although I received an email from Turbotax saying it was available. Not
The Form 1116, Foreign Tax Credit and the Form 1116, Foreign Tax Credit for AMT were made available in TurboTax on 03/03/2022 for printing and e-filing
The Form 1116 Schedule B, Foreign Tax Carryover Reconciliation Schedule for tax year 2021 is estimated to be available in TurboTax on 03/31/2022 for printing only.
Update your software if using the TurboTax desktop editions. Click on Online at the top of the desktop program screen. Click on Check for Updates.
Updated Turbotax today (3-4-2022). Form 1116 is still now available for download. Getting a bit frustrated as this is the only thing between me and getting my taxes filed for the year. Have there been any other updated from Turbotax since they missed this latest date? I haven't seen anything....
Form 1116 is available in the Download/CD version for windows, although in my case it wasn't included in my tax filing because it wasn't required to be filed with my tax return. I was able to file and the foreign tax credit did flow to 1040.
Did what you suggested. Turbotax says I'm updated but when running the program, it says Form 1116 is not ready and to check back later.
Have I lost my FTC and AMT carryovers? Like a few here I was stuck at "Form 1116 (COPY 1) - Foreign Tax Credit Comp Wks: Total Outgoing C/O has a value. This will require Form 1116, Schedule B, which will be available in a future product update." There was a Form 1116 among my forms, showing all my prior year carryover details. Then today I changed my FTC from credit, to (worthless) deduction, and then back to credit. And now Smart Check says I am good to eFile - BUT there is no Form 1116, worksheet or prior year detail! Did I just lose all that $1527 carryover plus the $1039 in foreign tax paid in 2021? What a mess!
@baileytax wrote:
Did what you suggested. Turbotax says I'm updated but when running the program, it says Form 1116 is not ready and to check back later.
You may want to go back through the Foreign Taxes section -
To enter Foreign taxes paid -
Or enter foreign taxes in the Search box located in the upper right of the online program screen. Click on Jump to foreign taxes
You can also click on Forms. When in Forms mode the Form 1116 should be listed. Click on it to open. It will no longer have the Do Not File indicator on the form.
For those who wonder why the delay until 3/3 to update the forms - here's a possible reason;
- To efile a state, turbotax charged $20 and raises its price every year on 3/1. Now if you efile state, its $25!
- You cannot efile a state without first efiling federal.
- So it is possible that delaying a form needed to file federal taxes makes them more $
Well, since I found another bug in Turbotax CA state that prevents me from efiling CA state, I will mail it in. BTW, this bug doesnt exist in H&R Block CA state, which is how I know how to file it correctly. So far, no one at turbotax has responded to this bug....
Form 1116 requiring a Schedule B for carryover credit amounts will not be available for e-filing this year I was told by Turbo Tax. Turbo Tax planning to have form be available for paper filing after March 31st. I generally advise not to paper file if possible.
This is not tax advice but information I received from Turbo Tax. Form 1116 is not required for all amounts to take the tax credit. Very disappointing this will not be resolved to e-file this year. Carryforward amounts not taken this year should be documented for future years.
@DoninGA I have updated Turbotax Premier (Windows download) today (March 4, 2022) and checked Form 1116. It still says "COPY 1" at the top. However, the red "DO NOT FILE" text is no longer there. There still is text at the bottom of the form that says "DO NOT FILE (SEE HELP)". I am still unsure if I should file my federal return. Please let me know if another update is pending for Form 1116.
I've been following this thread all along and last Thursday 3/3 I installed the available update thinking my problems getting a $370 credit for some foreign taxes paid by an RIC in a few international index funds was over. However i still have the same problem. After following all the steps required, I get to what I hoped would be an OK of the credit when instead I'm told, as I was before the update, that I'm ineligible for the credit and the link that purports to tell me why opens a little page explaining something to do with an AMT credit eligibility. Did anyone else have a similar experience and is there a solution to getting the credit OKd? Is my problem due to an answer I gave to one of the queries?
@gauravsadhir wrote:
@DoninGA I have updated Turbotax Premier (Windows download) today (March 4, 2022) and checked Form 1116. It still says "COPY 1" at the top. However, the red "DO NOT FILE" text is no longer there. There still is text at the bottom of the form that says "DO NOT FILE (SEE HELP)". I am still unsure if I should file my federal return. Please let me know if another update is pending for Form 1116.
To the best of my knowledge there is not another update for the Form 1116 Foreign Tax Credit. I believe the Do Not File means that the Form 1116 is not required. I would go ahead and file the federal tax return.
I waited until the promised date of 3/3/22 and still no Form 1116 in Turbotax. I am waiting on a large refund. I hope that Turbotax provides us with an explanation for the delay. Is the problem with the IRS or with the software writers in Turbotax???
I get the feeling that the tool is now confused. It claims I don't need the form (it says Do Not File), but it won't let me proceed to actually e-file. How do I get past this?
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