Not working form me, I'm losing the entire credit if I click on deduction. TT should be giving an option to take the credit without form 1116 but they are not, perhaps because I had carryovers that I could care less about and will probably never be able to take. My foreign taxes were $591 which should make me eligible to skip 1116 per IRS.
All of your foreign source gross income was “passive category income” (which includes most interest and dividends). However, for this purpose, passive income also includes (a) income subject to the special rule for described later, and (b) certain export financing interest.
All the income and any foreign taxes paid on it were reported to you on a qualified payee statement. Qualified payee statements include Form 1099-DIV, Form 1099-INT, Schedule K-1 (Form 1041), Schedule K-3 (Form 1065), Schedule K-3 (Form 1120-S), or similar substitute statements.
Your total creditable foreign taxes aren't more than $300 ($600 if married filing a joint return).
