FTC is usually taken as a credit because a credit will reduce your tax liability more than a deduction and you won't even get the deduction unless you itemize (schedule A) on your 1040 (itemize would have to exceed $12,00 for single return double that for joint)
if the FTC is less than $300 (other than married filing joint) or $600 if filing jointly you can opt out of filing the 1116 but on each dividend form with the FTC you must complete box 8 (use various)
if the FTC exceeds the limit then on each 1099 with a FTC use must link (item 7b) to form 1116 each 1099 must be linked to its own column (A,B,C) and box 7d must be completed (the amount of the foreign dividends). if you have more than3 such 1099's you must use a second 1116 and proceed the same way
