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@SForrestLO I am confused. Form 1116 Schedule B eFile for Windows/Desktop has been available since 3/11. Check this web page:
Federal Individual Forms Availability (intuit.com)
Please clarify.
Tried it today, I was able to e-file with both 1116 & 1116 Schedule B.
Thanks for the good work. Hopefully the fix will still be present next year.
If your return has been rejected regarding Form 1116B, please know that the issue is being resolved in a product release scheduled for March 18, 2022. Your tax return now includes updated information to carryover of foreign taxes. On or after March 18 you'll need to sign into TurboTax, complete a quick review (steps below), and resubmit your return. Please note this is just for your federal 1040 tax return. To review and re-submit your return, follow these are the steps if you're using a CD or downloaded version of TurboTax:
Note: The calculation change may affect your refund.
It is now 3/16/2021 and the form has been available for eforms for quite awhile now and yet TurboTax still does not have it in their software, or at least that is what my return is telling me. I still can not file my taxes as this is the only holdup.
I am having the same problem--trying to fill in FTC results in me being sent back to the Deductions and Credits page over and over again.
Form 1116 and Form 1116 Schedule B should now be available in both online and desktop versions of TurboTax. Please do try the return in Review and see if it will now pass without flags and allow you to file.
I am using TurboTax Deluxe PC version and had the same problem as everyone else. I have foreign tax credit carryovers going back many years. My return was being rejected at the federal review due to lack of foreign tax credit Form 1116, schedule B Foreign Tax Credit Carryover Reconciliation Schedule. I downloaded Schedule B from the IRS and tried to fill it out myself, but found the instructions unclear. On March 15, 2022 I opened TurboTax and it updated automatically. I checked my return and Schedule B Foreign Tax Credit Carryover Reconciliation Schedule was there and filled out correctly. The amount from Schedule B, line 6, column xiv transfers to Form 1116 (copy 1), line 10. That amount did not change from before the update, but the inclusion of Schedule B allowed me to pass the Federal and Minnesota State reviews. I successfully submitted my federal return this morning. I checked TurboTax's Schedule B against the one I tried to fill out manually and now understand how to fill it our correctly.
Just updated my TurboTax Premier 2021, ran the review and got the error message Form 1116 not available. The IRS has had this form available for some time. When will TurboTax update its desktop version? Frustrated user.
My problem is not with Foreign tax credit carryover but with a straight forward credit. TurboTax is not generating the Form 1116
Try this.... Go back to the foreign tax credit interview and say that you don't want the credit. Instead take the deduction. The error should go away. Then go back to the interview and say you want the credit. See if that fixes your problem. Good luck!
TeresaM-
Thanks for the info, but it's not matching my reality-
I'm using TT Home & Business Desktop Mac Application 2021.r21.083 with Build Date Mar 12, 2022. When I e-filed my return March 13 it passed error check and I got the transmission confirmation but it was rejected March 14 with the explanation "There is a potential issue with the calculation of the carryover of foreign taxes. We've identified an issue in your federal tax return due to an error in our software. This issue is being resolved in a product release scheduled for March 18, 2022."
After reading your post I opened the app just now and got the message "You're up to date! No Tax Form Updates at This Time" The version screen is still showing 2021.r21.083 with Build Date Mar 12, 2022. I'm hoping this means the promised update is still pending and will be loaded tonight or tomorrow.
Are you sure the Home & Business Desktop Mac Application update for the Form 1116 Schedule B e-file bug has been released? Can you share the version number and release date?
Exactly my situation. Seems no update required, as of now.
I’m using the online version and getting the message that Form 1116 is missing ? Shouldn’t that me fixed by now ?
Using TT Mac Home & Business CD. Filed March 13 and got rejected with the instructions to wait for a March 18 update. Downloaded the update today, re-visited the FTC section as instructed, re-filed, and was rejected again with the same explanation: "We've identified an issue in your federal tax return. This issue is being resolved in a release scheduled for March 18, 2022." Any suggestions?
Thought I would share what I figured out in case this applies to others:
When running the Federal Review, I got an error message saying that Form 1116 is not available. We all know that it is. However, when I used the FORMS option of my return, I saw that TT did compute the Form 1116 amount correctly and it put a note at the header saying the Form did not need to be filed. So, I checked with IRS and found that since my Federal Tax Credit is less than $600 (for married couple) and since my Federal Taxes were all due to passive income and were reported on the appropriate Form 1099's, I did not have to file the Form 1116. So, bottom line for me is that TT properly handled my Foreign Tax Credit. What confused me was the note during the Review stage that implied my return was not complete. I haven't filed the return yet but am about to. Hopefully it files and is accepted. If not, I'll post about it.
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