I have a 1099-B from E*Trade for a Regulated Futures Contracts, Foreign Currency Contracts, and Section 1256 Option Contracts. It reports in box 1a a series of puts and calls, and in box 11 a total gain of $5488. How do I enter this data into 6781 in Pro Series? The way I have done it looks wrong, seemingly reducing income by the amount of the gain.... step by step instruction for idiots most appreciated.  

Oh yes, had that one last year Client: why didn't you calculate my child tax credit?! Me: You have children to report? Client: Of course I do. It's in the organizer. Me: I only see that you mention one was born a couple months ago in February ... Client: Well what do you think I am talking about? Me: (sigh). We are filing a 2021 tax return. The child was born in 2022. Client: Yeah, but I haven't filed the return yet. I want to claim him. Gotcha.

Sounds exactly like my 350+ exclusively expat clientele practice, where I also do local foreign tax returns in my country of specialty. All the more reason to weed out the deadbeats with an engagement letter and tax organizer. But I feel your pain. every. year. My wife asks me daily during tax season what client did you fire today and what took you so long? (She thinks I am too understanding and tolerant ...)

There's your problem. Do not take such a client. I am pretty flexible and have I think an awesome, easy organizer where I ask mostly yes no questions and stuff they should have in their heads or on a drivers license, I never ask them to compute stuff except maybe schedule c expenses by category ... if they have the PDFs for inputs, it takes maybe 15-20 minutes to get through. Clients that refuse to sign an engagement letter or  file an organizer also get a go elsewhere instruction. Some people cannot help but attract problems through their own behavioral tics, their money is never worth your struggle.

My engagement letters stipulate I can extend their returns at my own discretion and that failure to respond to a request within 2 weeks by the emails we log at time of the engagement letter or if I perceive that have lied to me allow me to withdraw without penalty.  Most returns are paid at the same time the client gets the returns (with EFILE/COPY watermarks, I do use them and I know many professionals do not like them.) I never pursue deadbeats legally. I have long since stopped worrying about the time lost on a partially-completed return. I lose < 1 return / year after instituting these policies ten years ago.

The release date page shows that 1116 Schedule b is available for print and efile as of 3/10:   Form 1116 Sch B, Foreign Tax Carryover Reconciliation Schedule Final on 03/10/2022, EF on 03/10/2022

The fact that 1116 schedule B is unavailable for efile is a disaster. The posted workaround will not work - the form will not be possible to efile even if you upload a pdf. I just got off the line with a second Intuit tech support agent ... the only option now is to file the return on PAPER. You cannot attach a PDF file because the 1116 worksheet is still connected to the return and the flag cannot be turned off. Intuit cannot submit the return electronically. Intuit must address this YESTERDAY. Has management considered: IRS is processing paper returns with a 4-8 month delay. Correspondence is being handled by IRS in wildly non-chronological order: a letter sent one month ago might be resolved earlier than one sent 6 months ago, resulting in unintelligible garbage from IRS. Filing on paper means refunds will be late by months. International returns are usually due around 3/31 also .... this delay - which Drake is NOT experiencing apparently - means that those foreign returns may very well have to be extended also. My 350+ clients are almost all abroad and almost all need the 1116 ... this means every one of them is going to shell out at least $150 in DHL fees to paper file one 1040 and another $150 to file a nonresident US state return. Intuit has now outsourced all tech support, but has taken away their ability to easily elevate problems. The first agent I spoke to refused to even try! Best estimated response time from a supervisor (now, in the run up to the tax filing deadline): 24-48 hours? Are you kidding me!? Our clients are going to be extremely angry, will hear from friends using other preparers with Drake et all there is no problem ... causing a loss of client trust and maybe even the relationship. INTUIT has grossly failed US, its clients, and all of OUR clients. It's like they sold us this shiny new SUV - but with no sparkplugs and now they do not want to hear about it. "No worries - we'll send them to you March 31."

I cannot believe what I am hearing. ProSeries is saying any return with a 1116 carryover value (requiring form 1116 schedule b) (every single one of my 350+ returns) cannot be e-filed until after 3/31? And even then, ONLY by attaching a pdf to the return? I cannot file a return for FOUR WEEKS?