When I chose to claim the the foreign tax paid as a Schedule A deduction item the money back is cut by more than half compared to claiming it as tax credit (on the current old Form 1116). Guess I'll have to remove the entry of 'foreign tax paid' on Form 1099-DIV. That way it would not 'force' me to make a choice between Schedule A deduction versus tax credit, and TT would not indicate error on Form 1099-DIV upon review (since it would no longer be showing any foreign tax paid). Then I may go ahead and remove Form 1116, and efile before the new Form 1116 (and Schedule B) come out (on March 31). After my tax file is accepted and processed I then file an amendment later with the new Form 1116 to claim the money back based on taking it as tax credit.
Please comment if this will work.
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