Missing 2021 Form 1116

[gk3]

Does this mean that when I open TT Business after the "Fix " that i will be notified to update before I proceed?? Also, will this fix the fact that K-1 Foreign tax credits currently are not included on from 1116?

[ThomasM125]

You will not be notified that there is an update in your program if you are using the desktop version of TurboTax. You will have to do the update by using the Online option on your menu bar, then Check for Updates.

When the form 1116 has been fully updated, the foreign tax credit will be included on form 1116 if required.

If the program needs to be updated, you will be instructed to do so when you run the error check before you file your tax return.

If you are using the online version of TurboTax, the update will be automatic but you will not usually be informed that it has taken place.

@gk3

[johnosen35]

I had this and an error in amount of self employed health insurance the program is allowing. It is only allowing the difference from the 1095a plus $2700. The APTC limit which doesn’t apply to my tax situation. I have plenty of self employment income to take the entire amount against AGI. It is putting balance to itemized deductions which doesn’t help. Tax calculation is off by

$8000. 

[Tomkat-V]

March 9 - the form is still not available on TT per updates (I'm using Desktop, Premier).  This is ridiculous.  How long will one have to wait for this one form to be added, in order to file??!!  One week? Six weeks? - Need a TT expert to make a reply here, based on the company's response to this issue.   

My foreign credit carry-forward has existed since 2016, yet this is the first time in all those years that i have encountered the problem.  

[DoninGA]

---

@Tomkat-V wrote:

March 9 - the form is still not available on TT per updates (I'm using Desktop, Premier).  This is ridiculous.  How long will one have to wait for this one form to be added, in order to file??!!  One week? Six weeks? - Need a TT expert to make a reply here, based on the company's response to this issue.   

My foreign credit carry-forward has existed since 2016, yet this is the first time in all those years that i have encountered the problem.  

---

Form 1116, Foreign Tax Credit is available

Form 1116, Foreign Tax Credit for AMT is available

Form 1116 Schedule B, Foreign Tax Carryover Reconciliation Schedule will be available in TurboTax for printing on 03/10/2022 and for e-filing on 03/11/2022

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[JustMe3i]

But in order to get credit for the foreign taxes paid the amount need to be enter "somewhere" on schedule 3 of form 1040. Please let us know how to accomplish that in TurboTax.

[JustMe3i]

So state bundling will be required??? So everyone pays for it? What if the state you live in does not have a state income tax (South Dakota). I'll still have to pay the price for state software (that does not exist) and pay for state filing (which is impossible).

Time to move on from TT.

[DoninGA]

---

@JustMe3i wrote:

So state bundling will be required??? So everyone pays for it? What if the state you live in does not have a state income tax (South Dakota). I'll still have to pay the price for state software (that does not exist) and pay for state filing (which is impossible).

Time to move on from TT.

---

You must have misunderstood something.  If your state does not have a personal income tax there is absolutely no requirement to pay for a state program that does not exist.

Which TurboTax program are you using?  The TurboTax online web based editions or the TurboTax desktop CD/Download editions?

[JustMe3i]

I was reacting to a statement posted here that the 2022 TT software would come bundled with state software and filing. As such the price would be increased, and no option to opt out and simply (cheaply) print and mail in state forms. 

[DoninGA]

---

@JustMe3i wrote:

I was reacting to a statement posted here that the 2022 TT software would come bundled with state software and filing. As such the price would be increased, and no option to opt out and simply (cheaply) print and mail in state forms. 

---

This is a 33 page thread so unable to locate that message.  Regardless no one can make a statement regarding the 2022 TurboTax program that will become available sometime in November of 2022.

The current 2021 software for the online editions only requires a state program if the state has a personal income tax and the user chooses to use the state program, it is Not required.

The current 2021 software for the desktop CD/Download editions provides one free state program download included in the purchase price if the user selects the Deluxe desktop edition or higher.  The user can also choose the Basic desktop edition which doe not include a state program in the purchase price.

[wolverine86]

I have over 300 dollars in foreign tax credit and need to complete form 1116, but the TT software doesn't seem to prompt me to complete this form in the Foreign tax paid section.... I do get an "error" in when going through the automated review, which is saying Form 1116 copy should be entered, but again it is not clear how to do this.  Do I have to fill out the form manually from the IRS website?

Thanks,

Ryan

[asanghvi]

For foreign Dividend income, I suggest you use  "unusal income" option while entering 1099 Div.

Upon completion of 1099 ,  this income will show up under 1116

[asanghvi]

At a minimum, they should  not charge for efIling  State Tax  included with Desktop Deluxe version.

Thx

[JustMe3i]

Check the form where you entered the foreign tax. For me it was a 1099-DIV. On that form in box 6 you can choose between putting it on schedule A or form 1116. You won't get the same punch back on the schedule A since it is subject to limits there.

[993C4]

TurboTax now showing Form 1116 Schedule B available for print and e-filing tomorrow (March 11)  https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...