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 claim the foreign tax credit.

Q: Who needs to file IRS Form 1118?A: Corporations that have paid foreign taxes can file IRS Form 1118 to claim the foreign tax credit.

Q: What is the purpose of IRS Form 1118?A: The purpose of IRS Form 1118 is to calculate and claim the foreign tax credit, which allows corporations to avoid double taxation on income that is taxed both in the United States and in a foreign country.

Q: How do I fill out IRS Form 1118?A: IRS Form 1118 requires you to provide information about your foreign income, foreign taxes paid, and the calculation of your foreign tax credit.