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Form 1116 Explanation Statements
Upon completing form 1116, TurboTax is asking for an explanation statement for line 2 to explain "expenses definitely related to the income on line 1a" and another explanation statement for line 3 to explain "deductions not definitely related". Since TurboTax automatically populates these lines after I enter my foreign income data from 1099's and k-1's, I have no idea what to enter for an explanation statement. I don't know where TurboTax is getting these amounts from that show up on lines 2 and 3 of Form 1116. TurboTax requires an explanation to complete the tax return. What should I enter?
‎April 15, 2024
3:43 AM