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Giving up small amount foreign tax credit

I have a foreign stock ADR with $30 dividend and $4 foreign tax withheld reported on 1099-DIV. That's my only foreign income. If I don't want to deal with Form 1116 or Form 1040 schedule 3, is it allowed to just keep the $30 in total dividend but enter 0 for foreign tax when entering 1099-DIV in software and give up claiming the $4 foreign tax credit ? Thanks

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2 Replies

Giving up small amount foreign tax credit

I have similar question.   I wonder why the tax people in the community didn't ever comment.  I bet it got lost in the mix so this may push it forward again.   People wouldn't want a Schedule 3 if it forces them to move up from free edition to Deluxe just for a couple of dollars.

Giving up small amount foreign tax credit

Don't enter anything for the $4 FTC, not even zero. 

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