IRS Form 1118 Schedule I Reduction of Foreign Oil and Gas Taxes

What Is IRS Form 1118 Schedule I?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on December 1, 2018. The document is a supplement to IRS Form 1118, Foreign Tax Credit - Corporations. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 1118?
A: IRS Form 1118 is a tax form used by corporations to report their foreign tax credits.

Q: What is Schedule I?
A: Schedule I is a part of IRS Form 1118 that deals with the reduction of foreign oil and gas taxes.

Q: What is the purpose of Schedule I?
A: The purpose of Schedule I is to calculate and report the reduction of foreign oil and gas taxes that can be claimed as a credit.

Q: Who is required to file Form 1118 Schedule I?
A: Corporations that have paid or accrued foreign oil and gas taxes and want to claim a credit for those taxes need to file Form 1118 Schedule I.

Q: What information is needed to complete Schedule I?
A: To complete Schedule I, you will need information about the foreign oil and gas taxes paid or accrued, including the country where the taxes were paid and the amount of taxes paid.

Q: Is Schedule I only applicable to foreign oil and gas taxes?
A: Yes, Schedule I only applies to the reduction of foreign oil and gas taxes. Other types of foreign taxes have their own schedules or forms.

Q: Can individuals use Form 1118 Schedule I?
A: No, Form 1118 Schedule I is specifically for corporations. Individuals do not use this form.

Q: What happens if I make a mistake on Schedule I?
A: If you make a mistake on Schedule I, you may need to file an amended tax return to correct the error.

Q: Do I need to file Schedule I if I don't have any foreign oil and gas taxes?
A: No, if you did not pay or accrue any foreign oil and gas taxes, you do not need to file Schedule I.