I\'m using a UITextView to roughly replicate the SMS text box above the keyboard. I\'m using a UITextView instead of a field so that it can expand with multiple lines.
If the bottom of your UITextView clears the keyboard, you should be able to just resize your UITextView to be tall enough to see the corrections. The corrections themselves don't display outside of the UITextView's frame.
If you want to mimic what you are getting in the SMS app (corrections above), you'll probably have to roll your own.