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Deductions & credits
Under 26.USC.904.(j).2.(B), if your total foreign taxes paid do not exceed $300 ( $600 for joint filer) in any taxable year, then there is no need to use form 1116 to compute allowable foreign tax credit -- the limit does not apply i.e. all the foreign taxes claimed is allowed as credit. So if this your case then there should be no 1116 computation
‎June 1, 2019
10:45 AM