Missing 2021 Form 1116

[Carman2]

Last Friday I wrote:

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?

Once again after going through all the steps and answering all the questions, I'm told my foreign tax credit is $377 and is therefore below the MFJ exclusion ceiling. I innocently clicked on continue and was greeted with a large font stating in contradiction: "It turns out you don't qualify for this credit" but "We'll keep looking for other tax breaks for you." There was also the clickable text "Why don't I qualify" which linked to a small window headlined irrelevantly "Why don't I qualify for the Prior Year Minimum Tax Credit?"

Since the $377 credit shows up in the 1040 along with all its backup nicely linked to the 1116 et al, I've decided to just efile the thing as is and see what happens.

[rpromm]

Yeah, I am at the same place and on hold or forced to file by paper.  That is not acceptable to me.

[johnosen35]

Not pretty but quicker to file quicker to get refund. 

[gszak]

After the completing the long-awaited Form 1116 in TT, I got an error message that I cannot understand.  It says:  "Check This Entry:  Foreign Tax Credit Comp Wks: Line 4b3c Total must be entered."  The message includes a view of a TT internal worksheet, with the missing info in a cell labelled "Adjusted basis for total passive activity assets."  I have no idea what this means, and I don't recall being asked questions about this subject while working within TT.  Can anyone tell me what I should do?  

[LarryCorrell]

So, it looks like the 3/3 date was not met.  I finished up my taxes today but TurboTax is requiring Form 1116.  Today is now 3/6/22 and the form is still not available.  So, WHEN will TurboTax have the Form 1116 and actually allow me to finish and submit my tax return?

[DoninGA]

---

@LarryCorrell wrote:

So, it looks like the 3/3 date was not met.  I finished up my taxes today but TurboTax is requiring Form 1116.  Today is now 3/6/22 and the form is still not available.  So, WHEN will TurboTax have the Form 1116 and actually allow me to finish and submit my tax return?

---

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

[Dkden]

@LarryCorrell 

Form 1116 and 1116 AMT were published in TT on 3/3.  I undated my desktop software (Mac) and was able to compete the FTC using 1116.  I don’t have carryovers so I was able to compete and file.  If you don’t have carry-overs, you can too.  

[Cheryl in Montana]

Thank you, Larry, for your helpful advice. I was able to complete Forms 1116 on 3/6/22, but now I need Form 1116 Schedule B, Foreign Tax Carryover Reconciliation Schedule before Turbotax will let me electronically submit my taxes. I really appreciate that @LarryCorrell indicated that this form should be available on 03/17/2022. Thank you, Larry!! (I still think that Turbotax owes us an explanation of the source of this glitch, as it has cost me a lot of time and effort and caused me to question my longterm loyalty to TurboTax).

[alsn]

As a few others have already posted here earlier, OLT has the forms 1116 and Schedule B available and it supports e-file. I was able to complete the return including Foreign Tax Credit Carryovers from previous years and the tax computation matches to the penny with TurboTax. I have not yet submitted the return, however.

[johnosen35]

You may not still be able to efile. The form is available on irs.gov for paper filing. 

[alsn]

@johnosen35 Others have reported that they were able to e-file Form 1116 schedule B on OLT.

[Anonymous]

Hi Alan.

i’ve also done my return on olt and will efile later . I was wondering if you can please check if your adjusted gross income on 1116 correct .

On TurboTax, the amount  is higher than olts . Could you please check  turbo and olt and let me know . They should be the same but mine is not . Thanks 

[oystersauce]

@Anonymous check form 1040 in TT and OLT. Look at the numbers 1-11 and see where they differ. I had a discrepancy in line 24, Total Tax, because in OLT i forgot to input 1b from my 1099-DIV. 

[alsn]

@Anonymous Yes, AGI on 1116 is correct.

[johnosen35]

Thanks for the update. It may help others.