ProSeries 2021 Professional: Exactly when will Form 1116 Schedule B be available in a future product update?

[Ed-6-2]

Dear ProSeries Tech Support and Systems Development:

ProSeries 2021 Professional: Exactly when will Form 1116 Schedule B be available in a future product update?

Thanks.

[IRonMaN]

This is neither of those peoples, but the word is that form is supposed to be up and running today.

[jeffmcpa2010]

Probably no one here can tell you Exactly.

My program notice just says the schedule b "will be available in a future product update"

[IRonMaN · Accepted solution]

Oops, I noticed the heading and thought it was ready to roll

https://proconnect.intuit.com/community/proseries-tax-news-updates/discussion/1116-schedule-b-inform...

[catherine]

31 MARCH!!!!!!!   Just off the phone with Support 

[catherine]

Cannot E-File Until 31 March!!!!  RIDICULOUS

[Ed-6-2]

Thank you, IRonMaN and fellow contributors.  3/31/22, it is!

[IRonMaN]

You betcha!

[rcherenson]

AAAAAAHHH! Schedule B for 1116 is not ready until 3/31??!! And then has to be attached as a pdf. Ugh.

What an annoying pain! I have to queue my most complicated clients until 2 weeks until tax day to send? WHY is tax day still 4/18? (rhetorical question)

[rcherenson]

1116 is, but not the Schedule B for carryover tax credits. That is 3/31 and has to be sent as an attachment (per the "solved").

[IntuitBrittneyS]

Update: Form 1116 Sch B, Foreign Tax Carryover Reconciliation Schedule is now estimated to be ready for print on 3/10.

Although Form 1116 Sch B is not supported for e-file, you will be able to E-File returns with the 1116 Schedule B attached as a PDF, once that form is finalized.

For more information, please see our ProSeries Release dates page. 

[rcherenson]

Thank you for the update. 3/10 is much better - hope that’s the case!

[rcherenson]

NOTE: you cannot attach two Schedule B Foreign Tax Credit carryovers to a tax return. So if you have one for both Passive and for General income, you can only attach one - Or have to file a paper return.

That is very annoying! 

Is it going to be available as a regular form, not as an attachment anytime soon?

[catherine]

Since the IRS prefers E-File, I simply attached the 2nd Form 1116 Schedule B as a PDF titled "Other"  E-File works just fine.

[rcherenson]

Oh, thank you for the tip!

My client's was rejected, but probably because I initially attached both as other, as it said a Schedule B needed to be included. So I will try that next time - sending one as Schedule B and the passive one as Other.

[catherine]

FYI - You'll need to remove PDF Form 1116 Schedule B then attach again - cannot just change from "Other" to "Form1116"