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- Explanation statement form 1116 for 2023 tax return
Explanation statement form 1116 for 2023 tax return
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HOPE2
Level 9
yesterday
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Hi everyone,
New client was self-employed in 2023. She received a 1099-NEC from a U.S. employer and also earned wages in Canada, where she stayed for four months. I plan to file Form 1116 for the 2023 tax return, along with a Schedule C.
When I entered the 1099-NEC, an Explanation Statement form popped up. In front of "Form 1116 (Copy 1)," it shows “3, A.” Apparently, this refers to line 3a. However, on the 1116 copy 1, line 3a shows the Standard Deduction amount, and line 3b shows the 1/2 self-employment tax deduction.
What should be included in the Explanation Statement?
Thanks for your help!
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