How do I edit the explanation statement for form 1116 in TurboTax online version?

Both the credit, the deduction and the statement  are entered in the same place. Here's what you do:

1. Make sure you've entered all your foreign income.
2. From within your return, search for foreign tax credit and select the Jump to link in the search results.
3. Answer Yes to Did you pay foreign taxes in 2020 or have credits to use from a prior year?
4. Follow the instructions to get the credit or deduction.

In most cases, taking the credit works out better than the deduction. We'll help you decide which one's best for you when you go through this section.

 

If you choose to take the credit (most people do), we'll attach Form 1116, Foreign Tax Credit if your situation requires it.

 

Where do I enter the foreign tax credit (Form 1116... (intuit.com)

Thanks @JohnB5677 for the reply, however, it did not help me.  When I jump to foreign tax credit and follow the instructions, I do not get back to where I am allowed to enter or edit the previously-entered other deduction statement.  How, specifically, do I get to the TurboTax Online section that will allow me to edit the Other Deduction Statement for form 1116 Foreign Taxes Line 3, as seen under Additional Information as the last page of my TT tax forms?

Yes, here is how to navigate to the section where you can edit the response you previously made. To enter Foreign Earned Income -

• Click on Federal 
• Click on Wages and Income  
• Click on I'll choose what I work on (if shown)
• Scroll down to Less Common Income
• On Foreign Earned Income and Exclusion, click on the start or update button
• Scroll through all your screens until you come to the screen entitled Deductions Related to Joe's Foreign Earned Income
• Here you can edit your previous response.

Here is what the screen will look like.

​​​​​​​

I agree -  it does not help with the statement.     It is sad that agent assist will only reference this statement 

I had the same problem and found the answer here.

 

Go to Tax Tools -> Tools -> Delete a Form.

 

Scroll through the list of forms until you find the statement, and delete it.

 

Now Review should prompt you to add a statement again, and you can enter the correct statement.