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jcmadison
New Member

Form 1116 Explanation Statements

Hello,

 

After I filled out the form 1116 using turbotax online version,  I got this message.  What are my options? I know I need to to fill out form 1116 explanation statement but I do not have the option using the online version

 

thanks,

Julian

 

Form 1116 and Unusual Situations


Here are a few unusual situations relating to Form 1116 that are not handled in Interview:

- Dividends received before the 16-day holding period (46 days for preferred stock) has been met
- Reduction in the foreign tax credit due to international boycott operations (if not already shown in "Reduction of Foreign Taxes")
- Foreign taxes paid on a lump-sum distribution from a pension plan and you use Form 4972 to figure the tax
- Foreign taxes paid in foreign currency and you converted the amounts to U.S. dollars
- Some interest, dividends, partnership, S corporation, or estate and trust foreign tax paid should be reported on Schedule A, and some should be reported on Form 1116

If any of these situations apply to you, you cannot use TurboTax Online to prepare your return.
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1 Reply
rjs
Level 15
Level 15

Form 1116 Explanation Statements

Your best option is probably to switch to the CD/Download TurboTax software.


How do I switch from TurboTax Online to TurboTax CD/Download?


Another option, if the explanation statement is the only thing that TurboTax Online can't handle, is to prepare an explanation statement yourself on paper. Then you would have to print your tax return, sign it, and file it by mail, with your paper explanation statement attached. Put your name and Social Security number at the top of the explanation statement, and attach it at the back of the return, after all of the IRS forms and schedules.

 

Of course, another option is to go to a local tax professional to have your tax return prepared and filed.

 

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