Yes, you make the election to claim the foreign tax without filing the form 1116 for the taxes paid/accrued in the tax year. In fact if you make the election to claim the FTC without filing form 1116, you cannot carryover any amounts into or out of that year. This is assuming you meet the qualifications for the election.
Click here for the form 1116 instructions. See the topic "Election to claim the credit without filing a form 1116."
In TurboTax in the step-by-step mode revisit the Foreign Tax Credit topic and click through to the "Carryover/Carryback" section. Select "Yes" and delete/blank out all the boxes there and on the AMT carryover page. Be sure to note the amounts and boxes you are blanking out as those carryover amounts can be used for other future years should you not make the election in those future years. The 10-year clock is still ticking and unchanged for the carryover amount.
In the "Forms mode" you can also delete/blank out the carryover tables on the Foreign Tax Comp Worksheet. The entries/changes on these tables are user inputs and not overrides that void the guarantee.
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