Missing 2021 Form 1116

[johnosen35]

TurboTax Home and Business couldn’t handle self employed health insurance either. Off by $8000 on tax return refund. 

The Schedule B for 1116 I printed off the IRS site and used Taxslayer for the tax calculations. They didn’t have the form for electronic but did handle self employed health insurance correctly. 

Should be fun to see how long it takes for our refund filing by paper. 

[nelsors]

Here is the form dated December 2021:

https://www.irs.gov/pub/irs-prior/f1116sb--2021.pdf

[alsn]

Has anyone tested H&R Block Deluxe (download) if it has form 1116 Schedule B available and can e-file?
Deluxe Tax Preparation Software | H&R Block® (hrblock.com)

If so, I will use it rather than filing the paper return. Someone also posted that OLT.com and TaxCut can do this as well. However, I prefer a download to online.

Thanks.

[rifi]

@alsn   

My reading of :

https://personal.vanguard.com/pdf/FASFTCWS_R_012022.pdf

is that foreign source income for a particular  fund,  for 1116 purposes,  is determined by multiplying the % in Column 1 by the dollar  amount in box 1a of the 1099-div. The $ amount in box  1b is just a component of the amount in box 1a.

Did I mention I am not an accountant?

[JES33]

@alsn I purchased H & R Deluxe download for Mac (federal and state) this morning.  Just completed my taxes and it handled 1116 and 1116 B without issue.  In fact, I found a few other things that Turbo Tax didn't even ask me about which were favorable to me.  Since the software was new to me, I want to go over everything again so I can't speak to efile yet.  All I can say is that their accuracy review checked out okay.  Overall I like the interface.  The main thing I didn't like as much is that the HRB made me verify every one of my stock sales that were downloaded from my investment company (over 300).  I guess that's a good thing but it was a pain.  I did it quickly because I clicked through them and only stopped once in a while to verify.  Since the bottom line added up correctly, I figured the individual sales were correct.  

[alsn]

@JES33 Thanks for your update. I want to make sure that HRB (download) supports e-file of form 1116 schedule B. This is the only reason to switch. I just read on bogleheads forum that it does not :(
TY2021, best tax software to efile 1116 with carryover? - Bogleheads.org

[pallaire]

Hey guys,

Yesterday I wrote to Intuit office of the president, as mentioned in the Boggleheads thread, and I got a reply. 

"

My name is {....} with Intuit's Office of the President. We received your email and I wanted to provide you with the most current information Intuit TurboTax has about Form 1116 Schedule B – Foreign Tax Carryover Reconciliation Schedule. After further investigation, our Product Specialist was able to confirm that you will be able to E-File with the 1116 schedule B attached as a PDF, once that form is finalized. I apologize for any miscommunication earlier, as it was unclear if this form was going to be able to be E-Filed or not. Form 1116 is final; the schedule B is set for tentatively 3/31. However, our Development Team is working around the clock to try to get the form out ASAP.

"

Form 1116 Schedule B will be supported. It requires a special handling when sending to the IRS, that is why most software don't bother supporting it. But I think that they heard us and will implement it. 

[rayeng]

Hello Guys,

Today already it March, 5 ,2022.TT information says Form F1116 is AVAILABLE.

But in Home and office,the forien tax module stops after 5 steps and jumps back to other credits.

What I mean after 5 usual screens it goes diretcly to Foriegn tax carry over secreen

(NO provision for entering foriegn taxes paid and ciuntry details or nothing..)and  after carry forward screen jumps to next dedulction items.Thats it.Any idea when this will be ready? Hope fully before  Dec 22 by TT?

(Writing this after coompleting all other tax modules and after trying to complete it MULTIPLE efforts)

Thanks.

[alsn]

@rifi Thank you. That helps. So, do I need to use the amount shown on 1099-DIV for: 

1a- Total ordinary dividends (includes lines 1b, 5, 2e) and multiply it by column 1 %?

Note that this includes *all* dividends from all funds - not just international fund dividends. 1a is not broken out by fund. Thanks.

PS: I am also going to try importing the tax info directly instead of entering it manually and see if it populates this amount.

[k9dt]

Good question.  WHEN WILL FORM 1116 BEAVAILABLE????   I'd like to finish my taxes

[finady]

I got so frustrated that I just wiped out my 2022 data from TT.  I switched from taking a credit to a deduction for foreign taxes - just to see how it would affect my return.  A LOT!   It appears the problem is the 1116B.  I only have a $20 carry-forward foreign tax credit from 2020.  I am willing to forgo that but HOW?????  Has anyone else, whose foreign taxes are over $300 for single payer,  done this?  And IF SO, did the credit go through?  

[BJDCPA]

Thanks for the update. Spent  an hour with resolutions yesterday and they did not mention this just said Schedule B would be out 3-31 for paper filing only.   This would be helpful.   

I am going to wait a while to file and see if they come through with Schedule B as an attachment to e-file.  My credit is small and might take the option of not using carryforward this year if not able to e-file schedule B.  Personally would rather pay a little more tax than file a paper copy.  

[finady]

How would you opt out of 2020 carry forward?  I am using the online version of Turbo Tax.  I don't know anything about a downloaded version.  What is that?

[BJDCPA]

Go into the screen and delete your carryforward information.   Not a big deal I agree if only $20. If Turbo tax doesn't see any carryforward information it should just go to the regular form 1116 which is ready.   Hope this helps.  

[JES33]

@finady Beware, even if you find a way to forgo your $20, if you are over $300 for 2021, you'll still have the problem.  I had zero carryover from 2020, but when I entered 2021 of $673 (my limit is $600 because I am filing jointly), I still had the issue because it wants to carry $73 forward to next year.  I bought H & R Block to see what would happen.  I had no problem at all.  it also gave me more money back than Turbo Tax!  Haven't tried to efile yet with Block so I don't know if it is supported.