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. Check the official IRS-issued instructions before completing and submitting the form.
Q: What is IRS Form 1118?
A: IRS Form 1118 is a tax form used by corporations to calculate and claim a foreign tax credit.
Q: What is Schedule K on Form 1118?
A: Schedule K is the Foreign Tax Carryover Reconciliation Schedule on Form 1118.
Q: What does the Foreign Tax Carryover Reconciliation Schedule do?
A: The Foreign Tax Carryover Reconciliation Schedule helps corporations track and reconcile foreign tax credits from previous years that can be carried forward to future years.
Q: Who needs to file Form 1118 and Schedule K?
A: Corporations with foreign income or expenses that are eligible for the foreign tax credit need to file Form 1118 and Schedule K.