I have a foreign tax credit carryover . I wanted to e-file. Turbo tax says it prepares a worksheet for form 1116 and that Turbon tax Premier version I am using will not let me do an e-filing and that I must mail in my return. Is this correct or will turbo tax be making update in next few weeks that will permit e-filing when have foreign tax credit carryover??
Update your software because the Foreign Tax Carryover (Schedule B Form 1116) can now be e-filed. Earlier in the tax season, TurboTax had the Schedule B portion set as ''File by Mail'' but they made changes last week. If you look at the Forms availability now, it shows Form 1116, Schedule B as available.
Use Schedule B (Form 1116) to reconcile your prior year foreign tax carryover with your current year foreign tax carryover. Not everyone that files Form 1116 needs the Schedule B, but if you have carryovers, you must include it this year - it is a new form the IRS added for 2021 and future years.
Go back through the Foreign Tax Credit section again (after you update your software) and you should be able to e-file.
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