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Common questions for Form 1116 in ProSeries

SOLVEDby IntuitProSeries Basic24Updated March 22, 2022

Get answers to frequently asked questions about Form 1116 in ProSeries

Generating the Schedule B for Form 1116 in ProSeries 2021:

  • Starting in tax year 2021, the IRS released a new Schedule B for Form 1116 to reconcile your prior year foreign tax carryover with your current year foreign tax carryover. This form is now available in ProSeries starting on 3/10/22.
  • If you don't have this form available yet, you'll need to update ProSeries. See How to update ProSeries software.
  • This form isn't supported in the e-file schema for electronically filed returns and must be manually attached as a PDF attachment. See How do I attach PDF files to federal or state electronic filing for details. When you add the PDF attachment, make sure the Type is set to Form 1116 to prevent the e-file reject code F1116-004-02 (/efile:Return/efile:ReturnData/efile:IRS1116/efile:ForeignTaxCrCarrybackOrOverAmt).
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  • The Schedule B for Form 1116 will generate automatically when required.

To open the Schedule B for Form 1116:

  1. Press F6 to bring up Open Forms.
  2. Type 1116 to highlight the Form 1116.
  3. Select Sch B Form 1116 on the line below and click OK.
  4. Select the copy of the 1116 you need to review and select Finish.

Foreign Tax Credit Carryovers

  • If there are any Foreign Tax Credit carryovers on the return, you'll see them on the Form 1116 - Foreign Tax Credit Comp Wks on page 4.
  • Any carryovers eligible for carryover to next year will automatically be calculated in the Foreign Tax Credit Carryovers to next tax year section.
  • If your entering a new tax return that has carryovers from the prior year:
    1. Open Form 1116.
    2. QuickZoom to Foreign Tax Credit Worksheet for data entry at the top of the form.
    3. Fill out page 1 to show what types of income the 1116 is for.
    4. Scroll down to Page 4 - Foreign Tax Credit Carryovers.
    5. Enter the Foreign Taxes, Disallowed amount, Utilized amount and Carryover amount for each year that had a Foreign Tax Credit Carryover.
  • Press F1 to review the tax help for further information.

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