"Is there a way to forfeit the foreign tax credit for this year (even if there is a carryover from last year) and eliminate Form 1116 from my tax return?"
1. You can take the foreign tax as a deduction instead of a credit, but you do not get as much of a tax deduction and no tax deduction if you use the standard deduction.
2. If your foreign tax is $300 or less single filer or $600 or less joint filer, you do not need Form 1116, however, I think the carryover is lost for the future.
