Foreign tax credit form 1116 explanation

[davelamb66]

As of Feb 21 2024. For my 2023 taxes I am being asked to fill out a form 1116 explanation. Is this not yet supported for 2023? The explanation form does not seem to be populated at all. I am paying AMT this year in case that matters. Thanks

[AmyC]

I am showing Form 1116 is ready to file and I have both the comp wks and Explanation Stm showing in my forms. Where are you running into trouble? Are you being rejected or having trouble in review? What error are you seeing where?

[davelamb66]

I am having trouble in review. The Explanation Stm is blank. The error is asking for the Stm to be entered. My foreign tax amount is over $600.

Thanks!

[DaveF1006]

To clarify, are you using Turbo Tax Online or Desktop?

@davelamb66 

[davelamb66]

I am using the desktop version on a windows box.

Thanks

[AmyC]

You have the ability to switch to Forms mode and actually look at the 1116, the 1116 Comp WKS and the Explanation Stm. Follow these steps:

1. Switch to Forms mode - top right corner of the blue bar
2. On the left side, look at forms in return

• If you see Form 1116 with the Explanation Stm below it, select the Explanation Stm
• If you do not have it, 
  • select Open Form (above the list)
  • type 1116 into the search bar
  • select 2023 US Form 1040
  • select the 1116

Once you have the statement, you can type right into it

[davelamb66]

But what exactly am I supposed type into this form? Is Turbo Tax not supposed to populate it with information?

Thanks

[PaulaM · Accepted solution]

No, TurboTax won't auto populate with the statement explanation. You will type directly in the statement. As to what to type, a simple explanation referencing the foreign income reported elsewhere is all that is needed. You could reference the Form that the income was reported on for example. 

[Mary67]

Is there a way to insert explanatory comments on the form 1116 Sch B while using the TurboTax online ?

(in a similar way it is shown in this post for TTax desktop version?)

Thank you. 

[DaveF1006]

No. There is no way to make a comment on Form 1116 Schedule B in Turbo Tax Online.