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That message is a little misleading. The form may be available from the IRS, but then it takes time to program, test and distribute the changes in the software -- hopefully soon.
The hold-up is for the new "Schedule B" that accompanies Form 1116. It is currently scheduled to be available on or around 3/31. You can check for updates to that projected date here: TurboTax Forms Availability. While not all taxpayers using Form 1116 will need this schedule, those who may will need to wait. Form 1116 Schedule B also is not supported for e-filing this year.
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