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.
Best Answer Click here
Oops, I noticed the heading and thought it was ready to roll
Probably no one here can tell you Exactly.
My program notice just says the schedule b "will be available in a future product update"
Oops, I noticed the heading and thought it was ready to roll
31 MARCH!!!!!!! Just off the phone with Support
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)
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").
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.
Thank you for the update. 3/10 is much better - hope that’s the case!
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?
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.
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.
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