Mike9241: Thanks so much! Using your directions, I was able to add a $600 FTC deduction to my tax return. It is not an intuitive method of adding the $300/600 deduction to a return by leaving out some of the info on Form 1099 Div., but it works. Your solution should be incorporated into the TT instructions or help.
Regarding your question about getting the full FTC, that won't happen because my net tax liability is always very low due to a lot of depreciation from rental properties. If I filed a Form 1116 this year, I would get only a $92 credit and I would never be able to utilize any carryover amounts. $600 is the most I can ever use.
The foreign tax credit is limited to the lesser of the actual foreign taxes paid or the U.S. tax liability on the foreign income. This is to prevent you from receiving a double benefit from the credits.
You were very helpful...
