IRS Form 1118 Foreign Tax Credit - Corporations

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Instructions for IRS Form 1118 Schedule J Adjustments to Separate Limitation Income (Loss) Categories for Determining Numerators of Limitation Fractions, Year-End Recharacterization Balances, and Overall Foreign and Domestic Loss Account Balances

What Is IRS Form 1118?

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. Check the official IRS-issued instructions before completing and submitting the form.

FAQ

Q: What is IRS Form 1118?
A: IRS Form 1118 is a form filed by corporations to claim a foreign tax credit for taxes paid to foreign countries.

Q: Who needs to file IRS Form 1118?
A: Corporations that have paid foreign taxes and want to claim a credit for those taxes need to file IRS Form 1118.

Q: What is the purpose of IRS Form 1118?
A: The purpose of IRS Form 1118 is to calculate and claim a foreign tax credit for taxes paid to foreign countries.

Q: When is IRS Form 1118 due?
A: IRS Form 1118 is generally due with the corporation's annual tax return, usually March 15th for calendar year corporations.

Q: What information is required to complete IRS Form 1118?
A: To complete IRS Form 1118, you will need information about the foreign taxes paid, foreign income, and other relevant financial information.

Q: Are there any limitations on the foreign tax credit claimed on IRS Form 1118?
A: Yes, there are limitations on the foreign tax credit claimed on IRS Form 1118, such as the foreign source income limitation and the overall foreign tax credit limitation.