Form 1116 with adjustments for carryover

Diamond
Diamond Member Posts: 2 Newcomer
in Filing my taxes

Why does a return have to be Paper filed with carryover adjustments on Form 1116?? In the past, I had to remove the carryover just ot efile

Best Answer

  • PhillipB
    PhillipB FreeTaxUSA Team Posts: 94
    Answer ✓

    Hello, and thanks for joining our community.

    The functionality of the foreign tax credit is still developing. There are a few situations where our software is limited in what it can do for Form 1116 - the carryover is one of those issues. This will hopefully change soon.

    Let us know if there is anything else that we can do for you.

Answers

  • Diamond
    Diamond Member Posts: 2 Newcomer

    Thanks…

  • MrRetiredAlready
    MrRetiredAlready Member Posts: 1 Level 2

    @PhillipB - "This will hopefully change soon."

    Does that mean this will be fixed for the 2023 tax year? If so, how will I know when it is fixed?

  • KFine3325
    KFine3325 FreeTaxUSA Agent Posts: 48
    https://community.freetaxusa.com/discussion/comment/1180#Comment_1180

    For your specific situation, we recommend contacting our support team from within your account so that they can review your information to see if your situation is supported.

  • PaysTooMuchTax
    PaysTooMuchTax Member Posts: 1 Newcomer

    It has been over a year since this issue was brought to your attention. Has it been resolved? Does FreeTaxUSA now support e-filing Form 1116, Schedule B; and if not, why not?

  • KeriC
    KeriC FreeTaxUSA Agent Posts: 218

    Thanks for asking. Our software for 2024 does not yet support e-filing Form 1116 Schedule B. We work to add additional forms and functionality each year, but our wish for this one hasn't been moved to the top of the list yet. I'm sorry for the inconvenience.

  • BosProps4121
    BosProps4121 Member Posts: 2 Newcomer

    Most people have foreign income due to some very popular ETFs. You should make your developers aware of this. It's creating a lot of pain for your users and the new users (like me) don't find out about this issue until they've already invested many hours inputting data into to your system.

Categories