You would need permission form the IRS to change from the simplified election to a general election. To make your decision on which method to use, use the following guidelines in determining which method to choose.
According to the following Turbo Tax link, if your foreign income is of general category ( wages, interest income etc. ) then you are correct in using the simplified method. If you have income from multiple categories, including trusts, complicated investment portfolios etc. and / or multi category carry over credits, do not choose simplified method. Determine for your self which method to use based off your current income and projections based off of your future foreign income.
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