Instructions for IRS Form 1118 Foreign Tax Credit - Corporations

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

This document contains official instructions for IRS Form 1118 , Foreign Tax Credit - Corporations - 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 J 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 claim a foreign tax credit.

Q: Who needs to file IRS Form 1118?
A: Corporations that have paid taxes to foreign countries may 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: What information is required when filing IRS Form 1118?
A: When filing IRS Form 1118, corporations need to provide information about their foreign income, foreign taxes paid, and other related details.

Q: When is the deadline for filing IRS Form 1118?
A: The deadline for filing IRS Form 1118 is generally the same as the deadline for filing the corporation's income tax return, which is March 15th for most corporations.

Q: Are there any penalties for not filing IRS Form 1118?
A: Yes, there can be penalties for not filing IRS Form 1118 or filing it late. It is important to meet the filing deadline to avoid penalties.

Q: Can I amend IRS Form 1118 if I made a mistake?
A: Yes, if you made a mistake on your original IRS Form 1118, you can file an amended form to correct the error.

Q: Do I need to include supporting documents with IRS Form 1118?
A: Yes, it is important to include all necessary supporting documents, such as proof of foreign taxes paid and documentation of foreign income, when filing IRS Form 1118.

Q: Can I claim a foreign tax credit if I didn't pay taxes to foreign countries?
A: No, to claim a foreign tax credit on IRS Form 1118, you must have actually paid taxes to foreign countries.