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The max you can recoup is $600.00 to my limited understanding.

This is a bit garbled. There is a limit on foreign tax credit, but it's your tax liability times the fraction of your income from foreign sources. It could be much more (or much less) than $600. Perhaps you're thinking of the limit ($600 on a joint return, $300 on others) below which you can take the credit without using Form 1116.

(But to your real question, Chris is right - if you hold stuff like this in an IRA, you cannot claim the foreign tax credit.)

Lorenzo
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