Farmer with Form 1116 (form not available until after due date)

[adam_cpa]

Does anyone have a work around for certain forms impacting farmers that aren't available until after the farmer due date?  I have foreign tax credit for one of my farmers and that form isn't available until March 3rd.

[jeffmcpa2010]

If the 1116 is only due to dividends, My experience this year has been that the return will file and be accepted anyway, if you meet the requirements for claiming the credit without 1116.

Even though it show's when you do the review, and it pops an error message at that point, the return transmitted and was accepted. I don't believe that I even had to turn off conversion error checking.

[adam_cpa]

I have thousands of dollars in carryforward and current year FTC items.  If over 300, the form is required.  If under 300, the error message doesn't even appear.  Not sure your situation, but the form for me is required and prints "do not file" on it.  I don't think the IRS would accept this, if Intuit would even allow me to e-file it like that.

[Lukepccpa]

Is the foreign tax credit getting used on the 2021 return?

If it's not, then print off the credit carryforward info, delete the form 1116 and any related info to get rid of the error message, then file the return.  Then next year enter the credit carryforward info when you do the 2022 return.

Probably not the technically correct answer, but I've come to realize that compliance (getting returns filed) is more important than perfection (everything is technically correct).

[adam_cpa]

I do have a current year credit, but it is less than 300 bucks.  So, I am deleting Form 1116 and taking just the current year credit (which is slightly different than what we would be allowed if the carryover is considered).  Next year, I will pick up the carryforward again.  Not perfect, but not materially different.  Just a pain to deal with.  Not sure why ProSeries or the government, whoever is at fault here, don't have the forms all ready to go by March 1 since that is the earliest of the due dates.  My guess is it is a ProSeries issue.  I can't imagine the government not have final forms at this point in time.

[Lukepccpa]

That is exactly what I did on a return that had FTC credit carryforwards that weren't getting used on the current year return.  I wasn't going to hold up the return for a few dollars of credits.

I don't know why ProSeries wasn't prepared for the March 1st deadline either.  It's not like it is something new.