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Level 5
March 5, 2022
Solved

Foreign Tax Credit Form 1116 Carryover - New Schedule B not yet available?

  • March 5, 2022
  • 1 reply
  • 5 views

I have a client with a carryover unused Foreign Tax credit (not passive income) and there is an error for the unused amount to carryover to 2022 stating there will be a "Schedule B" to be released soon necessary to report the carryover. Since I do many expats with 2555 and Foreign tax credits, I am nervous about it already being into March with this form not yet available, preventing me from e-filing these returns.

Anyone know what this form is and/or when it might be released? A carryover is very usual and ordinary, so cannot imagine why a new schedule would be required nor why if so, it is so late to be released!

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Best answer by rcherenson

NVM, I see now it will be released on 3/31 to be used as an attachment. Ridiculous!

1 reply

rcherensonAuthorAnswer
Level 5
March 5, 2022

NVM, I see now it will be released on 3/31 to be used as an attachment. Ridiculous!