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I haven't received all our brokerage forms yet but it looks like we will exceed the $600 maximum, for married filing jointly, foreign tax credit. All the foreign taxes were paid by mutual funds and ETFs we own.

I have briefly looked at form 1116 and I really don't want to have to figure it out. Is it allowed to simply take the $600 maximum and forfeit any additional foreign tax credit? It simply wouldn't be worth all the work and frustration for less than $50 dollars in tax credit.

Thanks in advance.

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