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

Ed-6-2
Level 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.

1 Best Answer

Accepted Solutions
IRonMaN
Level 15
15 Comments 15
IRonMaN
Level 15

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


Slava Ukraini!
jeffmcpa2010
Level 11

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
Level 15

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...


Slava Ukraini!
catherine
Level 3

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

0 Cheers
catherine
Level 3

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

Ed-6-2
Level 2

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

 

IRonMaN
Level 15

You betcha!


Slava Ukraini!
rcherenson
Level 4

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)

0 Cheers
rcherenson
Level 4

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").

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IntuitBrittneyS
Intuit Alumni

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
Level 4

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

rcherenson
Level 4

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?

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catherine
Level 3

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.

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rcherenson
Level 4

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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catherine
Level 3

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