I did it exactly as specified here and am getting way to much foreign income being rported on form 1116

In the Section list, click Foreign Tax Credit.

Enter in Name of Foreign Country the name of the country in which the taxpayer earned the interest income.

Designate the category of income in Category of Income (Ctrl + T).

Enter the dollar amount or percentage of income which is foreign source (if not the same as the amount entered in step 3) in Percentage Foreign (.xxxx) or Amount, If Different.

Enter the tax withheld in Foreign Income Tax Withheld (foreign currency) or Foreign Income Tax Withheld (U.S. dollars), whichever applies.

Enter the date the taxpayer paid or accrued the tax in Date Paid or Accrued.