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Your Form 1116 Explanation Statement for line 3b should be a description or a breakdown of the item(s) reported on Line 3b.
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.
It depends. Are you claiming your foreign tax credit as a deduction or a credit?
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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