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It sounds to me like I do have to complete Form 1116 because not all of the five requirements apply (tax over $600). Do you have different information or a different interpretation?

I am almost certain that the requirements to file Form 1116 are for if you want to take the Foreign Tax Credit (therefore, if you want to take credit and have more than $300/$600 in Foreign Taxes, you must file Form 1116). If you do NOT want to take the credit, then you would not have to file Form 1116. See Publication 514, Page 2 for more:


Circular 230 Disclaimer- it's been awhile since I did Int'l Tax stuff and that was corporate rather than personal. I may be completely wrong on this or any other item related to taxes. Please consult with a real tax professional, because nothing I say can stop the IRS from assessing penalties on you.
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