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 used by corporations to calculate and claim a foreign tax credit.

Q: Who needs to file IRS Form 1118?
A: Corporations that have paid or accrued foreign taxes can use this form to claim a tax credit.

Q: What is the purpose of filing IRS Form 1118?
A: The purpose is to avoid double taxation by allowing a credit for foreign taxes paid or accrued.

Q: What information is required on IRS Form 1118?
A: The form requires details about the corporation's foreign income, foreign taxes paid or accrued, and the foreign tax credit calculation.

Q: When is the deadline for filing IRS Form 1118?
A: The deadline for filing IRS Form 1118 is generally the same as the corporation's income tax return filing deadline.

Q: Can I e-file IRS Form 1118?
A: No, currently, IRS Form 1118 must be filed by mail and cannot be e-filed.

Q: Are there any penalties for not filing IRS Form 1118?
A: Failure to file IRS Form 1118 or reporting inaccurate information can result in penalties and interest charges.