Just to clarify, since this is the first year that I am claiming the Foreign Tax Credit (FTC), I am eligible to make an election between, "Simplified" vs. "Other"
YES your choice the first year
and although you are indicating whether one of the other would be better for my situation
I don't know which is better. You have to determine this by first selecting one method and then going back and selecting the other method. Turbotax should do the calculations automatically. once the basis FTC info is entered. if you are due are refund, the method that produces the highest amount on line 34 or if you now owe the lowest amount on line 37 of your 1040 is best for the current year. If you are not in AMT the method doesn't matter. The issue with selecting either method is you are now locked in. While you can be certain the first year. After that it's really a guess as to which will be better in the future.
