Form 1116 Explanation Statement

[coolcheermom]

once you pay for turbotax you can look at your 1040 or 1040SR (without filing yet).   

Scroll down to your form 1116 and look at the amount on line 3b column a

then look at your 1040 (1040SR) and find that amount from above

in my case it was on the line that stated " Adjustments to income from Schedule 1, line 26"

so that was what I put for my explaination

[Onefish]

I'm curious to know why the questions on this thread have not been authoritatively answered. TT seems to leave us high and dry after calculating a number and then letting us twist in the wind. The suggestion that an answer could be discerned after  payment for TT has been made is vaguely blackmail-like?

Seriously, some sample explanations would be helpful.

[DawnC]

Can you clarify what question you have or has not been answered?   The post above tells someone how to view forms which you can only do after paying for TurboTax (in the Online version).    You can preview Form 1040 without paying but if you want to see the details of Form 1116, you will need to pay your TurboTax fees first.   But if you have a specific question, please ask here or start a new thread.    @Onefish 

[srothman99]

In my case this was triggered by a "penalty for early withdrawal of savings". This was a little hard to track down since the entry for the penalty was not on any form from any financial institution where I paid foreign tax.

But all is good now. I simply entered "penalty for early withdrawal of savings".

[srothman99]

The penalty was from cashing in a CD early, something I would not think of as affecting foreign tax paid.

[mtoglia85]

I share everyone's frustration but take comfort in knowing that this is a turbotax thing, and not my mistake. Botton line is this doesn't have an effect on taxes owed. the line simply asks for an explanation of where the number comes from. so the honest answer is that it is a turbo tax program entry from the 1040 form adjustments to income