Foreign Tax Credit - Simplified Method

[2626Beckwith]

Can a Turbo Tax employee tax expert confirm a string of past postings on this topic that say a taxpayer can opt to input that they paid only $600 in foreign taxes (married couple), not their full $600+ in foreign taxes, if the taxpayer wishes to elect the Simplied Method for claiming FTC rather than completing Form 1116?

Of course, this election would have the consequence of forfeiting any possibility to clain aFTC for the amount of foreign taxed actually paid above the $600 limit under the Simplified Method.  So, if the actual creditable foreign taxes paid were $700, the taxpayer could opt to input just $600 when completing the Turbo Tax input worksheets.  The additional $100 of paid foreign taxes would be forfeiting as a possible tax credit for any year. i.e., this "unused" amount cannot be carried forward of back to any other tax year.  

[AmyC]

Form 1116 is not necessary when your total creditable foreign taxes aren't more than $300 ($600 if married filing a joint return).

Why not fill out the form? You can follow my example  here.