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Do I need form 1116?

I have 1099-Div for US ETF containing Foreign tax pad

Additionally I have India Dividends and Interest for which there is no 1099-DIV or 1099-INT, (something like in instructions  that qualified statement not available). I am creating dummy 1099-DIV and I1099-INT . Does that mean its a must to file the form 1116 as there is no statement?

 

Since the Foreign tax paid is around $575 can I ignore the form and take the default $600 for married filing jointly to avoid unnecessary scrutiny.

I have around $625 of derived and converted to USD , the total FT paid but want to avoid form and claim only $575 and avoid the carry over Schedule B form.

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2 Replies

Do I need form 1116?

@valleybuy you can't unilaterally adjust the number to get under the $600 form limit.  It is possible that based on the level of foreign tax and foreign income, some of the foreign credits may need to be be deferred to a future year and even $575 is  too high and not appropriate.  The form would determine the appropriate tax credit to recognize.    

Do I need form 1116?

some of my foreign tax will be refunded if I look closely due to different financial calender so there is lesser foreign tax.

for future reference do we need 1116 if its below $600 and there is no 1099-DIV? 

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