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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 1116 Schedule B
for the current year.
IRS Form 1116 Schedule B Foreign Tax Carryover Reconciliation Schedule
What Is IRS Form 1116 Schedule B?
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, 2021. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is IRS Form 1116?
A: IRS Form 1116 is used to calculate the foreign tax credit.
Q: What is Schedule B?
A: Schedule B is a form that helps reconcile the foreign tax carryover amounts.
Q: What is a foreign tax carryover?
A: A foreign tax carryover is when you have excess foreign taxes paid in a previous year that can be used as a credit in the current year.
Q: Why is Schedule B used?
A: Schedule B is used to determine the amount of foreign tax carryover that can be applied in the current year.
Q: Who needs to fill out Form 1116 Schedule B?
A: Individuals who have excess foreign taxes paid in previous years and want to claim the foreign tax credit in the current year need to fill out Form 1116 Schedule B.
Q: Is it mandatory to file Form 1116 Schedule B?
A: If you have excess foreign taxes paid in previous years and want to claim the foreign tax credit, it is mandatory to file Form 1116 Schedule B.
Q: Can I file Form 1116 Schedule B electronically?
A: No, currently you cannot file Form 1116 Schedule B electronically. It must be filed by mail.
Q: What information do I need to fill out Form 1116 Schedule B?
A: You will need information about your foreign taxes paid in previous years and any carryover amounts from those years.
Q: Are there any specific deadlines for filing Form 1116 Schedule B?
A: The deadline to file Form 1116 Schedule B is the same as the deadline for your federal income tax return, which is usually April 15th or the next business day if it falls on a weekend or holiday.
Form Details:
- A 2-page form available for download in PDF;
- Actual and valid for filing 2023 taxes;
- Editable, printable, and free;
- Fill out the form in our online filing application.
Download a fillable version of IRS Form 1116 Schedule B through the link below or browse more documents in our library of IRS Forms.
Download IRS Form 1116 Schedule B Foreign Tax Carryover Reconciliation Schedule
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