Completely agree with you. In the same boat.

1) Noticed today on Proseries Basic that the form would be available on 3/31/2022 and that you would be able to e-file - but that's another near month away, and two weeks from filing deadline with no assurances that the program would work. It might very well be that you would need to attach it or do other additional steps. 

2) Download 1116 Schedule B final form from the IRS website and manually rework each return, in order to zero out line 10 for each FTC category, but to make sure that you adjust elsewhere, if any carryforward credits were used - to make sure that any remaining balances would carry over to 2022 - and attaching a note thereof, etc. A lot of steps. But, an option.

 

Not sure what Proseries was thinking, but they clearly dropped the ball on this, putting a lot of people/firms in a major lurch, very late in the game. They could have sent us a heads up on the critical new schedule for this form, and delays. Everyone thought the 3/3/2022 release date was for the entire 1116 form - INCLUDING Schedule B. 

They often claim to have a form available, such as Form 8621, but, only works in certain circumstances, otherwise, must paper file. 

They need to get people with both TAX as well as TECH knowledge working on the software, in order to get products ready (including having had tested it beforehand) and communicating any delays, etc. way in advance. 

Good luck!!

Proseries 1116 Form B_status_looks like 033122 release and would be able to eFile then - but no assurance and no details on what is entailed.jpg

0 Cheers