I paid foreign taxes, as a shareholder of a regulated investment company (RIC). I used the interview process in the desktop version of TurboTax 2022 and tried both branches: (1) electing the Simplified Method and (2) not electing it. The second option took longer, but went smoothly, though I must admit I was never sure exactly what was happening along either branch. The final results on both branches seem to be identical, in that I received the same credit and same income tax in each, though there may be some different forms or worksheets in the two branches.
Thus, I have two potential tax returns that has all issues resolved and is blessed for submission. Which return should I file? It seems like filing the version that chose not to elect the simplified Method leaves me unencumbered (or, at least, less encumbered) in future filings, while choosing the one with the Simplified Method imposes more future restrictions. Is that the case? Are there other considerations?
This may all be rather academic, since I do not anticipate a complicated foreign tax situation in the future.
