Foreign Tax Credit Question

I've got a question about the Foreign Tax Credit.  This year I ended up paying $311 in foreign tax on my savings account - just slightly over the $300 maximum for not having to file the dreaded Form 1116.  As I'd rather not tackle that beast this year, can I just under-report and enter $300 on my 1040, or is this not allowed? 

Thanks! 

 

I don't really understand?  You have foreign (presumbly UK) bank interest.  You get to claim credit for UK tax on this plus treaty re-sourced US bank interest by filing the correct IRS forms plus the TD F 90-22.1.

I've got a question about the Foreign Tax Credit.  This year I ended up paying $311 in foreign tax on my savings account - just slightly over the $300 maximum for not having to file the dreaded Form 1116.  As I'd rather not tackle that beast this year, can I just under-report and enter $300 on my 1040, or is this not allowed? 

Thanks! 

Short answer is yes, you can choose to only take credit up to $300 and lose the $11.  But are you sure you qualify?  The $300 limit is just one of the criteria.  It is the other two that are harder to meet.

Thanks for responding so quickly.  I'm an idiot; I didn't read all the criteria, and I don't qualify.  Never speed-read tax form instructions!

Thanks again!