Foreign tax credit

[Msjes]

What is the name of your state? VA. I had about $330 foreign tax withheld from forgein stock dividends paid in '06. Do you think I could simply take a $300 foreign tax credit on my '06 fed. tax return rather than completing Form 1116 to calculate the credit based on the entire $330. Up to $300 can be taken without completing Form 116. Or would I likely have a problem because the foreign tax on my 1099 -Divs would not comport with that on my tax return (even though I'd be claiming less than I actually paid)? Thanks.

 

[LdiJ]

What is the name of your state? VA. I had about $330 foreign tax withheld from forgein stock dividends paid in '06. Do you think I could simply take a $300 foreign tax credit on my '06 fed. tax return rather than completing Form 1116 to calculate the credit based on the entire $330. Up to $300 can be taken without completing Form 116. Or would I likely have a problem because the foreign tax on my 1099 -Divs would not comport with that on my tax return (even though I'd be claiming less than I actually paid)? Thanks.

What's the big deal about filling out the 1116? In the long run it would simply be wiser to do it.