The option is not to file Form 1116 if the FTC is under $600 MFJ. On the 1099-DIV you enter only the FTC.
You do not complete or file the 1116. If you do, then the $600 exclusion no longer applies. TurboTax will compute what is allowable, which is basically your foreign income as adjusted on the 1116 divided by your taxable income times the tax on 1040 line 16
