Is it ok to reduce the amount of foreign tax paid from $358 (Form 1099 Div) to $300 in order to avoid filling Form 1116?

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I see no harm in that. You are reporting the income and declining to take a credit. I can't see the IRS taking issue with that scenario.

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I see no harm in that. You are reporting the income and declining to take a credit. I can't see the IRS taking issue with that scenario.

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