Get your taxes done using TurboTax

The best thing to do would be to complete the Form 1116 section and take the credit that way. The IRS prohibits you from taking the credit without filing Form 1116 if your foreign taxes are over $600 and one would assume this would apply whether you report them as such or not.  Also, if you enter your 1099 form incorrectly in TurboTax it may invalidate your accuracy guarantee from TurboTax. You wouldn't need to reduce the reporting on Form 1099-DIV to $0 if you didn't want to take the credit, as you won't get it if you report over $600 on the 1099 form and don't complete the Form 1116. The itemized deduction options won't help you on your federal return since you taking the standard deduction.

Here are steps to complete Form 1116 if you choose to do so:

First, you enter the Form 1099-DIV. Then go to the Estimates and Other Taxes paid section in  the Deductions and Credits area of TurboTax to enter your foreign income, choose Foreign Taxes.

If your only foreign taxes were reported on your 1099-DIV or 1099-INT or similar statements, choose that option on the screen that says "Tell us About Your Foreign Taxes:

Indicate that you need to complete Form 1116 when asked. It's usually better to take the foreign "Credit" option over the "Deduction." Choose the countries you paid the taxes to:

Then report the income by country: