Upon completing form 1116, TurboTax is asking for an explanation statement for line 2 to explain "expenses definitely related to the income on line 1a" and another explanation statement for line 3 to explain "deductions not definitely related". Since TurboTax automatically populates these lines after I enter my foreign income data from 1099's and k-1's, I have no idea what to enter for an explanation statement. I don't know where TurboTax is getting these amounts from that show up on lines 2 and 3 of Form 1116. TurboTax requires an explanation to complete the tax return. What should I enter?
You'll need to sign in or create an account to connect with an expert.
Yes, you will need to find out what you entered for "expenses definitely related to the income on line 1a" and "deductions not definitely related" first as these are data entry fields.
Here's how to find out what was entered:
If you didn't find any deductions while reviewing this section, but the request for an explanation comes up again in review, enter NA.
Yes, you will need to find out what you entered for "expenses definitely related to the income on line 1a" and "deductions not definitely related" first as these are data entry fields.
Here's how to find out what was entered:
If you didn't find any deductions while reviewing this section, but the request for an explanation comes up again in review, enter NA.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
skal
Level 2
sam992116
Level 4
osgood53
New Member
Mike356
New Member
BSSE1
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.