Yes, you can elect to claim the credit for qualified foreign taxes without filing Form 1116 if you meet all of the following requirements:
- All of your foreign source income is passive income, such as interest and dividends, provided that any dividends came from stock you owned for at least 16 days.
- All of your foreign source income and the foreign income taxes are reported to you on a qualified payee statement, such as Form 1099-INT, Form 1099-DIV, or Schedule K-1 from a partnership, S corporation, estate or trust, and,
- The total of your qualified foreign taxes isn't more than $300 (not more than $600 if married filing jointly).
But if you claim the credit without filing Form 1116, you can't carry back or carry forward any unused foreign tax to or from this year.
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