Free file federal + state if agi bet 16K - 73K

[retire2020]

I just filed taxes for free for my brother and I recommend them. If your agi > 73K then you will pay $9.95 for state but federal would still be free. Also they are most up-to-date with all the forms like 1116 Sch B which big names like TT and HRB are punting away and may not support at all - which will prevent you from e-filing your tax returns.

https://www.olt.com/main/OLTFREE/default.asp

[RunningBum]

Where do you get that TT and HRB may not support those forms? I think one or both were late with 1116, but that doesn't mean they are "punting away" them. If you like and recommend this site, great, but there's no need to invent things about other programs.

[retire2020]

Quote:

Originally Posted by RunningBum Where do you get that TT and HRB may not support those forms? I think one or both were late with 1116, but that doesn't mean they are "punting away" them. If you like and recommend this site, great, but there's no need to invent things about other programs.

Because I have bought HRB and gotten a copy of TT and stuck right now that I cant e-file. You can also read about them on bogleheads on multiple threads… one right here https://www.bogleheads.org/forum/vie...29753#p6529753

By the way… Why are you so rude and personally involved in my post? I am posting here and sharing just like everyone here without any personal agenda. I didnt know I needed your approval to post here! That would be admin’s job, right? What makes you think I was inventing?

[RunningBum]

TT says it will support 1116 by March 3. https://care-cdn.prodsupportsite.a.i...ndividual.html But, until they actually have it, maybe you will be correct. Schedule B is a new form that the IRS released late, so it's not surprising to see this delay.

It's great that OLT supports it now. I don't think OLT supports importing last year's return (unless it was done with OLT itself) or 1099 data from a brokerage, does it? I'd be unlikely to switch.

[retire2020]

Read other threads too… It was no at first, then 3/31 and now 3/3 for TT. HRB has not supported e-file in past regarding 1116 carryover as per few posters. Also whats wrong in recommending this product as its free for agi < 73K. Many folks are retired here and may have agi in range so they can e-file for free like what I did for my brother. Why does one need to pay for TT, HRB or other paid programs?

I dont care if you switch or not. My post was not addressed to you…

[RunningBum]

I apologize for coming on too strong. I don't think it's likely that TT would not be able to handle that form eventually. Maybe they are just getting too big to be able to put out updates swiftly.

[cathy63]

TT has always handled the 1116 before. It's usually not available until mid-February or a little later, but 1099s that have foreign tax on them also aren't available until mid-February, so it's not been a big deal before. They do seem to be later than usual this year. The IRS didn't release the final instructions until January, so that might be part of the reason.

As far as HRB, I think they've also always had an 1116. The complaint in the past has been that they had a bug related to carryover, not that they didn't have the form at all.

If someone urgently needs to file their taxes now and they're willing to do the extra work to file them with OLT, then why not? They have their own problems and delays, but as long as they're in some part of the system you don't need, their software works. There aren't too many taxpayers with low income who also need an 1116 though, so I expect most just pay their fee if that's the reason they're switching.

[Sunset]

What is this foreign tax carryover thing ?

Does it mean if I have excess foreign tax that cannot be used (not sure how) , that I can carry it forward to a future year to use ?

[RunningBum]

Quote:

Originally Posted by Sunset What is this foreign tax carryover thing ? Does it mean if I have excess foreign tax that cannot be used (not sure how) , that I can carry it forward to a future year to use ?

You take the % of income that is foreign, and multiply that with your total tax. You take the lesser of that number with your actual foreign taxes paid to get your FTC. If you can't take all of the credit, you can carry it forward for up to 10 years, and you can carry it back one year.

In years where I kept my income low for ACA subsidy purposes, I was only able to use a little bit of the FTC. In higher income years where I made a large Roth conversion, the % of income that was foreign was a lot lower and that could keep me from using all of the FTC as well.

[zinger1457]

I've been using OLT for several years and like it, need to make sure you use the IRS Free File link to their web site otherwise they will try to charge you for your state return even if your AGI is under $73K.

[Perryinva]

I just used OLT for my idiot step son who is too lazy to do his taxes on time, so I do them when I do mine. His is a straight simple single one small W-2 no other income, well under 78k For some states, e-file for state is not free, but for a stamp, it is easily worth it. Not a big fan of their question style, but it works. This year, first time I have ever seen it in all my life, 0 taxes owed or overpaid on a return.

[retire2020]

Quote:

Originally Posted by retire2020 Read other threads too… It was no at first, then 3/31 and now 3/3 for TT. HRB has not supported e-file in past regarding 1116 carryover as per few posters. Also whats wrong in recommending this product as its free for agi < 73K. Many folks are retired here and may have agi in range so they can e-file for free like what I did for my brother. Why does one need to pay for TT, HRB or other paid programs? I dont care if you switch or not. My post was not addressed to you…

olt.com has had this sorted out two/three weeks ago.

As of today......And the punting and bait and switch goes on.....

"Form 1116 Sch B, Foreign Tax Carryover Reconciliation Schedule won’t be available until March 31st, and can’t be e-filed"

https://ttlc.intuit.com/community/ta...09904/page/_19

[cathy63]

Quote:

Originally Posted by retire2020 olt.com has had this sorted out two/three weeks ago. As of today......And the punting and bait and switch goes on..... "Form 1116 Sch B, Foreign Tax Carryover Reconciliation Schedule won’t be available until March 31st, and can’t be e-filed" https://ttlc.intuit.com/community/ta...09904/page/_19

Form 1116 is still scheduled for March 3 on the TTax form lists for all products. It can be e-filed as always.

Form 1116 Schedule B (new form, never existed before 2021) is still scheduled for March 31. No change there either. This one can't be e-filed. I don't know if that's an IRS limitation or a TTax limitation, or a limitation on the IRS having the time and staff to certify e-file vendors on the new forms.

OLT doesn't mention 1116 Schedule B at all on their forms list, which is odd because they do mention other schedules for other forms that they support. Do you have an 1116 Schedule B in your return and did you e-file it with OLT? Also curious if you have the new 1116 Sched C and/or 1116 Sched K-3 if you wouldn't mind sharing that info.

[retire2020]

Yes. I have 1116 Sch B in my tax return. I am still preparing my return at OLT and will e-file in few days. There is no way I will paper mail my returns with current backlog at IRS. There are some in similar situation who have successfully e-filed using OLT. There are multiple threads on the topic and this one also has the info…

https://www.bogleheads.org/forum/vie...30924#p6530924

As you can see, Its not an IRS issue since OLT has been supporting it with e-file. TT and HRB are not telling the truth to their paid customers.

IRS has had this form available for a while so there is really no excuse for giants like TT and HRB to implement in their systems.

https://www.irs.gov/pub/irs-pdf/f1116sb.pdf

I have no idea about other forms you mentioned.