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ajp4
New Member

What do I fill in for this field? Form 1116 (COPY 1) -- Explanation Stm: Detailed Explanation must be completed...

After filling out the Foreign Tax Credit form and going to finalize my return, I get the following screen:

Form 1116 (COPY 1) -- Explanation Stm: Detailed Explanation must be completed.  Enter your explanation here to complete the required statement.  It must show the other deduction items for line 3B column a.

What do I put here?
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4 Replies
HelenC12
Expert Alumni

What do I fill in for this field? Form 1116 (COPY 1) -- Explanation Stm: Detailed Explanation must be completed...

Your Form 1116 Explanation Statement for line 3b should be a description or a breakdown of the item(s) reported on Line 3b.

  • Per IRS page 16, instructions for Form 1116, line 3b: Enter on line 3b any other deductions that don't definitely relate to any specific type of income (for example, the deduction for alimony paid from Schedule 1 (Form 1040), line 19a).

 

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ajp4
New Member

What do I fill in for this field? Form 1116 (COPY 1) -- Explanation Stm: Detailed Explanation must be completed...

How do I know what to put there? TurboTax filled that form in for me, and it didn't explicitly ask me about any deductions for the foreign tax credit.

DaveF1006
Expert Alumni

What do I fill in for this field? Form 1116 (COPY 1) -- Explanation Stm: Detailed Explanation must be completed...

It depends. Are you claiming your foreign tax credit as a deduction or a credit?

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What do I fill in for this field? Form 1116 (COPY 1) -- Explanation Stm: Detailed Explanation must be completed...

This happened to me. The number TurboTax entered here (without any prompting or explanation, grrr) was the deduction for half of my self-employment tax from schedule C income, so I guess that's the explanation I'm going to put in the form.

 

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