That is a good solution and I would offer that you should be aware of the countries and verify the deduction is allowed. Form 1116, page 3, does state not all foreign tax paid is allowed. This includes:
Taxes imposed by and paid to certain foreign countries. These countries are those designated by the Secretary of State as countries that repeatedly provide support for acts of international terrorism, countries with which the United States doesn't have or doesn't conduct diplomatic relations, or countries whose governments aren't recognized by the United States and aren't otherwise eligible to purchase defense articles or services under the Arms Export Control Act. Pub. 514 contains a list of these countries.
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