If I have a small amount of foreign taxes paid (around $50-$60) on my 1099-DIV through RIC mutual funds, why is Turbo Tax prompting me to complete a Form 1116?

For that amount, TT should have automatically inserted that into line 48 of the !040 unless possibly you have carryovers from 2016.  This is the $300 /$600 exemption for single or MFJ respectively

Here is how to use the exemption in your case..

To ensure a clean start, delete F1116.
Go to the foreign tax credit interview and when you
start, here are the screen headers and the responses.       
1. Foreign tax credit
             Continue
2. Tell us about your foreign taxes.
                  Skip the foreign tax credit.
3.  Foreign Taxes
             Continue
TT will exit the interview and the credit should appear on line 48 of the 1040.

Thank you.  This was the information I needed.

If you paid foreign taxes on dividends, you need to complete the Form 1116, Foreign Tax Credits so you can get credit for the foreign taxes to help offset US tax on the same dividends.

I understand. My question is actually a bit more complex on HOW to complete the form.  In the past, the Turbo Tax module has been much easier given the small amount of foreign tax paid.

Is that the only foreign tax you have on your return?  If the foreign tax is not more than $300 ($600 if married filing jointly) then a Form 1116 is not needed.  I went into the Premier program and input foreign tax of $50 and it did not take me to the Foreign Tax Credit section.  Maybe you can provide more information.

See the information posted by rogge1722. There is a Turbo Tax flaw unnecessarily generating the 1116 and prompting users to enter unnecessary information. rogge1722 has posted the work-around solution.