Instructions for IRS Form 1118 Schedule K Foreign Tax Carryover Reconciliation Schedule

IRS Form 1118 Schedule K Foreign Tax Carryover Reconciliation Schedule

This document contains official instructions for IRS Form 1118 Schedule K, Foreign Tax Carryover Reconciliation Schedule - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1118 Schedule K is available for download through this link.

FAQ

Q: What is IRS Form 1118?
A: IRS Form 1118 is a form used by corporations to calculate the foreign tax credit.

Q: What is Schedule K on Form 1118?
A: Schedule K on Form 1118 is the Foreign Tax Carryover Reconciliation Schedule.

Q: What is the purpose of Schedule K?
A: The purpose of Schedule K is to reconcile the foreign tax credit carryover from previous years with the current year's foreign tax credit.

Q: Who needs to file Schedule K?
A: Corporations that have foreign tax credits and carryovers from previous years need to file Schedule K.