IRS Form 1118 Foreign Tax Credit - Corporations

IRS Form 1118 is a U.S. Department of the Treasury - Internal Revenue Service form also known as the "Foreign Tax Credit - Corporations". The latest edition of the form was released in December 1, 2018 and is available for digital filing.

Download a PDF version of the IRS Form 1118 down below or find it on U.S. Department of the Treasury - Internal Revenue Service Forms website.

Step-by-step Form 1118 instructions can be downloaded by clicking this link.

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1118
Foreign Tax Credit—Corporations
Form
Attach to the corporation’s tax return.
OMB No. 1545-0123
(Rev. December 2018)
Go to www.irs.gov/Form1118 for instructions and the latest information.
Department of the Treasury
For calendar year 20
, or other tax year beginning
, 20
, and ending
, 20
Internal Revenue Service
Name of corporation
Employer identification number
Use a separate Form 1118 for each applicable category of income (see instructions).
a Separate Category (Enter code—see instructions.) .
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b If code 901j is entered on line a, enter the country code for the sanctioned country (see instructions)
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c If code RBT is entered on line a, enter the country code for the treaty country (see instructions) .
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Income or (Loss) Before Adjustments (Report all amounts in U.S. dollars. See Specific Instructions.)
Schedule A
Gross Income or (Loss) From Sources Outside the United States
2. Foreign Country or
1. EIN or Reference ID
U.S. Possession
3. Inclusions Under Sections 951(a)(1) and 951A
4. Dividends
Number
(enter two-letter code—use
(see instructions)
(see instructions)
5. Interest
(see instructions)*
a separate line for each)
(see instructions)
(a) Exclude Gross-Up
(b) Gross-Up (section 78)
(a) Exclude Gross-Up
(b) Gross-Up (section 78)
A
B
C
Totals (add lines A through C)
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6. Gross Rents, Royalties,
8. Gross Income From
9. Section 986(c)
10. Section 987
11. Section 988
12. Other
7. Sales
and License Fees
Performance of Services
Gain or Loss
Gain or Loss
Gain or Loss
(attach schedule)
A
B
C
Totals
14. Allocable Deductions
13. Total
Rental, Royalty, and Licensing Expenses
(a) Dividends
(b) Deduction Allowed Under
(c) Deduction Allowed Under
(add columns 3(a)
(f) Expenses Allocable
Received Deduction
Section 250(a)(1)(A)—Foreign
Section 250(a)(1)(B)—Global
(d) Depreciation, Depletion,
(e) Other Allocable
through 12)
to Sales Income
(see instructions)
Derived Intangible Income
Intangible Low-Taxed Income
and Amortization
Expenses
A
B
C
Totals
14. Allocable Deductions (continued)
15. Apportioned
18. Total Income or (Loss)
17. Total Deductions
Share of Deductions
16. Net Operating
Before Adjustments
(g) Expenses Allocable
(i) Total Allocable Deductions
(enter amount from
(add columns 14(i)
(h) Other Allocable
Loss Deduction
(subtract column 17
to Gross Income From
(add columns 14(a)
applicable line of Schedule H,
through 16)
Deductions
from column 13)
Performance of Services
through 14(h))
Part II, column (d))
A
B
C
Totals
* For section 863(b) income, NOLs, income from RICs, high-taxed income, section 965, and section 951A, use a single line (see instructions).
1118
For Paperwork Reduction Act Notice, see separate instructions.
Form
(Rev. 12-2018)
Cat. No. 10900F
1118
Foreign Tax Credit—Corporations
Form
Attach to the corporation’s tax return.
OMB No. 1545-0123
(Rev. December 2018)
Go to www.irs.gov/Form1118 for instructions and the latest information.
Department of the Treasury
For calendar year 20
, or other tax year beginning
, 20
, and ending
, 20
Internal Revenue Service
Name of corporation
Employer identification number
Use a separate Form 1118 for each applicable category of income (see instructions).
a Separate Category (Enter code—see instructions.) .
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b If code 901j is entered on line a, enter the country code for the sanctioned country (see instructions)
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c If code RBT is entered on line a, enter the country code for the treaty country (see instructions) .
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Income or (Loss) Before Adjustments (Report all amounts in U.S. dollars. See Specific Instructions.)
Schedule A
Gross Income or (Loss) From Sources Outside the United States
2. Foreign Country or
1. EIN or Reference ID
U.S. Possession
3. Inclusions Under Sections 951(a)(1) and 951A
4. Dividends
Number
(enter two-letter code—use
(see instructions)
(see instructions)
5. Interest
(see instructions)*
a separate line for each)
(see instructions)
(a) Exclude Gross-Up
(b) Gross-Up (section 78)
(a) Exclude Gross-Up
(b) Gross-Up (section 78)
A
B
C
Totals (add lines A through C)
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6. Gross Rents, Royalties,
8. Gross Income From
9. Section 986(c)
10. Section 987
11. Section 988
12. Other
7. Sales
and License Fees
Performance of Services
Gain or Loss
Gain or Loss
Gain or Loss
(attach schedule)
A
B
C
Totals
14. Allocable Deductions
13. Total
Rental, Royalty, and Licensing Expenses
(a) Dividends
(b) Deduction Allowed Under
(c) Deduction Allowed Under
(add columns 3(a)
(f) Expenses Allocable
Received Deduction
Section 250(a)(1)(A)—Foreign
Section 250(a)(1)(B)—Global
(d) Depreciation, Depletion,
(e) Other Allocable
through 12)
to Sales Income
(see instructions)
Derived Intangible Income
Intangible Low-Taxed Income
and Amortization
Expenses
A
B
C
Totals
14. Allocable Deductions (continued)
15. Apportioned
18. Total Income or (Loss)
17. Total Deductions
Share of Deductions
16. Net Operating
Before Adjustments
(g) Expenses Allocable
(i) Total Allocable Deductions
(enter amount from
(add columns 14(i)
(h) Other Allocable
Loss Deduction
(subtract column 17
to Gross Income From
(add columns 14(a)
applicable line of Schedule H,
through 16)
Deductions
from column 13)
Performance of Services
through 14(h))
Part II, column (d))
A
B
C
Totals
* For section 863(b) income, NOLs, income from RICs, high-taxed income, section 965, and section 951A, use a single line (see instructions).
1118
For Paperwork Reduction Act Notice, see separate instructions.
Form
(Rev. 12-2018)
Cat. No. 10900F
2
Form 1118 (Rev. 12-2018)
Page
Schedule B
Foreign Tax Credit (Report all foreign tax amounts in U.S. dollars.)
Part I—Foreign Taxes Paid, Accrued, and Deemed Paid (see instructions)
2. Foreign Taxes Paid or Accrued (attach schedule showing amounts in foreign currency and conversion rate(s) used)
1. Credit Is Claimed for Taxes
(check one):
Tax Withheld at Source on:
Paid
Accrued
(b) Distributions of
(e) Rents, Royalties,
(a) Dividends
(c) Branch Remittances
(d) Interest
(f) Other
Previously Taxed Income
and License Fees
Date Paid
Date Accrued
A
B
C
Totals (add lines A through C)
.
2. Foreign Taxes Paid or Accrued (attach schedule showing amounts in foreign currency and conversion rate(s) used)
Other Foreign Taxes Paid or Accrued on:
3. Tax Deemed Paid
(j) Total Foreign Taxes Paid or Accrued
(see instructions)
(add columns 2(a) through 2(i))
(g) Sales
(h) Services Income
(i) Other
A
B
C
Totals
Part II—Separate Foreign Tax Credit (Complete a separate Part II for each applicable category of income.)
1a Total foreign taxes paid or accrued (total from Part I, column 2(j))
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b Foreign taxes paid or accrued by the corporation during prior tax years that were suspended due to the rules of section 909 and for
which the related income is taken into account by the corporation during the current tax year (see instructions) .
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2
Total taxes deemed paid (total from Part I, column 3)
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(
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3
Reductions of taxes paid, accrued, or deemed paid (enter total from Schedule G) .
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4
Taxes reclassified under high-tax kickout
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5
Enter the sum of any carryover of foreign taxes (from Schedule K, line 3, column (xiv), and from Schedule I, Part III, line 3) plus any
carrybacks to the current tax year .
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6
Total foreign taxes (combine lines 1a through 5) .
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7
Enter the amount from the applicable column of Schedule J, Part I, line 11 (see instructions). If Schedule J is not required to be completed, enter the
result from the “Totals” line of column 18 of the applicable Schedule A
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8a Total taxable income from all sources (enter taxable income from the corporation’s tax return) .
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b Adjustments to line 8a (see instructions) .
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c Subtract line 8b from line 8a
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9
Divide line 7 by line 8c. Enter the resulting fraction as a decimal (see instructions). If line 7 is greater than line 8c, enter 1 .
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10
Total U.S. income tax against which credit is allowed (regular tax liability (see section 26(b)) minus any American Samoa economic development credit)
11
Credit limitation (multiply line 9 by line 10) (see instructions)
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12
Separate foreign tax credit (enter the smaller of line 6 or line 11). Enter here and on the appropriate line of Part III .
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1118
Form
(Rev. 12-2018)
3
Form 1118 (Rev. 12-2018)
Page
Schedule B
Foreign Tax Credit (continued) (Report all foreign tax amounts in U.S. dollars.)
Part III—Summary of Separate Credits (Enter amounts from Part II, line 12 for each applicable category of income. Do not include taxes paid to sanctioned countries.)
1
Credit for taxes on section 951A category income
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2
Credit for taxes on foreign branch category income .
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3
Credit for taxes on passive category income
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4
Credit for taxes on general category income
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5
Credit for taxes on section 901(j) category income (combine all such credits on this line) .
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6
Credit for taxes on income re-sourced by treaty (combine all such credits on this line)
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7
Total (add lines 1 through 6) .
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8
Reduction in credit for international boycott operations (see instructions) .
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9
Total foreign tax credit (subtract line 8 from line 7). Enter here and on the appropriate line of the corporation’s tax return
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Schedule C
Tax Deemed Paid With Respect to Section 951(a)(1) Inclusions by Domestic Corporation Filing Return (Section 960(a))
Use this schedule to report the tax deemed paid by the corporation with respect to section 951(a)(1) inclusions of earnings from foreign corporations under
section 960(a).
1b. EIN or
3. Country of
6. Section 951(a)(1) Inclusions
Reference ID
2. Tax Year End
Incorporation
4. E&P for Tax Year
5. Foreign Taxes Paid
Number of the
7. Tax Deemed Paid
1a. Name of Foreign Corporation
(Year/Month)
(enter country
Indicated
for Tax Year Indicated
Foreign
(see instructions)
(see instructions)
code—see
(in functional currency)
(see instructions)
Corporation
(a) Functional Currency
(b) U.S. Dollars
instructions)
(see instructions)
Total (add amounts in column 7). Enter the result here and include on the “Totals” line of Schedule B, Part I, column 3 .
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1118
Form
(Rev. 12-2018)
4
Form 1118 (Rev. 12-2018)
Page
Schedule D
Tax Deemed Paid With Respect to Section 951A Income by Domestic Corporation Filing the Return (Section 960(d))
Use this schedule to figure the tax deemed paid by the corporation with respect to section 951A inclusions of earnings from foreign corporations under
section 960(d).
Part I—Foreign Corporation’s Tested Income and Foreign Taxes
1b. EIN or Reference ID
2. Tax Year End
3. Country of Incorporation
5. Pro Rata Share of Tested
Number of the
4. Pro Rata Share of CFC’s
1a. Name of Foreign Corporation
(Year/Month)
(enter country code—
Foreign Income Taxes
Foreign Corporation
Tested Income
(see instructions)
see instructions)
Paid or Accrued by CFC
(see instructions)
Total (add amounts in column 4)
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Total (add amounts in column 5)
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Part II—Foreign Income Tax Deemed Paid
4. Tax Deemed Paid
2. Inclusion Percentage.
1. Global Intangible Low-Taxed Income
3. Multiply Part I, Column 5 Total, by
(Multiply Part II, column 3, by 80%.
Divide Part II, Column 1, by
(Section 951A Inclusion)
Part II, Column 2 Percentage
Enter the result here and include on the
Part I, Column 4 Total
“Totals” line of Schedule B, Part I, column 3.)
1118
Form
(Rev. 12-2018)
5
Form 1118 (Rev. 12-2018)
Page
Schedule E
Tax Deemed Paid With Respect to Previously Taxed Income by Domestic Corporation Filing the Return (Section 960(b))
Part I—Tax Deemed Paid by Domestic Corporation
Use this schedule to report the tax deemed paid by the domestic corporation with respect to distributions of previously taxed earnings from foreign corporations under section 960(b).
1b. EIN or Reference ID
2. Tax Year End
3. Country of Incorporation
5. Foreign Income Taxes
Number of the
4. Distribution of Previously
1a. Name of Distributing Foreign Corporation
(Year/Month)
(enter country code—
Properly Attributable to PTI and
Foreign Corporation
Taxed Income (PTI)
(see instructions)
see instructions)
Not Previously Deemed Paid
(see instructions)
Total (add amounts in column 5). Enter the result here and include on the “Totals” line of Schedule B, Part I, column 3 .
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Part II—Tax Paid or Deemed Paid by First- and Lower-Tier Foreign Corporations
Use this schedule to report the tax paid or deemed paid by a foreign corporation with respect to distributions of previously taxed earnings from lower-tier foreign corporations
under section 960(b) that relate to distributions reported in Part I (see instructions).
1b. EIN or
4b. EIN or
3. Country of
6. Country of
8. Foreign Income
Reference ID
Reference ID
2. Tax Year End
5. Tax Year End
7. Previously Taxed
Taxes Properly
Incorporation
Incorporation
1a. Name of Distributing
Number of the
4a. Name of Recipient
Number of the
(Year/Month)
(enter country
(Year/Month)
(enter country
Income (PTI)
Attributable to PTI
Foreign Corporation
Foreign
Foreign Corporation
Foreign
(see instructions)
code—see
(see instructions)
code—see
Distributed
and Not Previously
Corporation
Corporation
instructions)
instructions)
Deemed Paid
(see instructions)
(see instructions)
1118
Form
(Rev. 12-2018)

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