Thank you for your response. I actually called this issue into TurboTax support and the workaround I was provided was to manually add my deferred comp onto line B of the "Gross Income from All Sources Smart Worksheet" on Form 1116. After doing so, TurboTax correctly calculated my foreign tax credit.
FYI - TurboTax transferred my deferred compensation from Schedule 1 to line 8 of form 1040 (and as a result, my deferred comp is included on line 9 of form 1040).
