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Federal Free Printable Form 1118 (Rev. December 2018) for 2019 Federal Foreign Tax Credit - Corporations

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Foreign Tax Credit - Corporations
Form 1118 (Rev. December 2018)

1118 Foreign Tax Credit—Corporations Form (Rev. December 2018) Department of the Treasury Internal Revenue Service ▶ For calendar year 20 ▶ Attach to the corporation’s tax return. Go to www.irs.gov/Form1118 for instructions and the latest information. , or other tax year beginning , 20 OMB No. 1545-0123 , and ending , 20 Employer identification number Name of corporation Use a separate Form 1118 for each applicable category of income (see instructions). a Separate Category (Enter code—see instructions.) . . . . . . . . . . . . . . . . . b If code 901j is entered on line a, enter the country code for the sanctioned country (see instructions) c If code RBT is entered on line a, enter the country code for the treaty country (see instructions) . . Schedule A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶ ▶ ▶ Income or (Loss) Before Adjustments (Report all amounts in U.S. dollars. See Specific Instructions.) Gross Income or (Loss) From Sources Outside the United States 2. Foreign Country or U.S. Possession (enter two-letter code—use a separate line for each) (see instructions) 1. EIN or Reference ID Number (see instructions)* 4. Dividends (see instructions) 3. Inclusions Under Sections 951(a)(1) and 951A (see instructions) (a) Exclude Gross-Up (b) Gross-Up (section 78) (a) Exclude Gross-Up (b) Gross-Up (section 78) 8. Gross Income From Performance of Services 9. Section 986(c) Gain or Loss 10. Section 987 Gain or Loss 11. Section 988 Gain or Loss 5. Interest A B C Totals (add lines A through C) 6. Gross Rents, Royalties, and License Fees . . . . . . . ▶ 7. Sales 12. Other (attach schedule) A B C Totals 14. Allocable Deductions 13. Total (add columns 3(a) through 12) (a) Dividends Received Deduction (see instructions) (b) Deduction Allowed Under Section 250(a)(1)(A)—Foreign Derived Intangible Income (c) Deduction Allowed Under Section 250(a)(1)(B)—Global Intangible Low-Taxed Income Rental, Royalty, and Licensing Expenses (d) Depreciation, Depletion, and Amortization (e) Other Allocable Expenses 16. Net Operating Loss Deduction 17. Total Deductions (add columns 14(i) through 16) (f) Expenses Allocable to Sales Income A B C Totals 14. Allocable Deductions (continued) (g) Expenses Allocable to Gross Income From Performance of Services (h) Other Allocable Deductions (i) Total Allocable Deductions (add columns 14(a) through 14(h)) 15. Apportioned Share of Deductions (enter amount from applicable line of Schedule H, Part II, column (d)) 18. Total Income or (Loss) Before Adjustments (subtract column 17 from column 13) 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). For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 10900F Form 1118 (Rev. 12-2018) Page 2 Form 1118 (Rev. 12-2018) 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): Paid Tax Withheld at Source on: Accrued Date Paid (a) Dividends Date Accrued A B C Totals (add lines A through C) . (b) Distributions of Previously Taxed Income (c) Branch Remittances (d) Interest (e) Rents, Royalties, and License Fees (f) Other ▶ 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: (g) Sales (h) Services Income (i) Other (j) Total Foreign Taxes Paid or Accrued (add columns 2(a) through 2(i)) 3. Tax Deemed Paid (see instructions) 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)) . . . . . . . . . . . . . . . . . . . . . . . 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) . . . . . . . . 2 Total taxes deemed paid (total from Part I, column 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . ) 3 Reductions of taxes paid, accrued, or deemed paid (enter total from Schedule G) . . . . . . . . . . . . . . . . . . ( 4 Taxes reclassified under high-tax kickout . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Total foreign taxes (combine lines 1a through 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . 8a Total taxable income from all sources (enter taxable income from the corporation’s tax return) . . . . . . . . . . . . . . b Adjustments to line 8a (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c Subtract line 8b from line 8a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Separate foreign tax credit (enter the smaller of line 6 or line 11). Enter here and on the appropriate line of Part III . . . . . . . . . . . . ▶ Form 1118 (Rev. 12-2018) Page 3 Form 1118 (Rev. 12-2018) 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Credit for taxes on foreign branch category income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Credit for taxes on passive category income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Credit for taxes on general category income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Credit for taxes on section 901(j) category income (combine all such credits on this line) . . . . . . . . . . . . . . . . 6 Credit for taxes on income re-sourced by treaty (combine all such credits on this line) . . . . . . . . . . . . . . . . 7 Total (add lines 1 through 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Reduction in credit for international boycott operations (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Total foreign tax credit (subtract line 8 from line 7). Enter here and on the appropriate line of the corporation’s tax return . . . . . . . . . ▶ 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). 1a. Name of Foreign Corporation 1b. EIN or Reference ID Number of the Foreign Corporation (see instructions) 2. Tax Year End (Year/Month) (see instructions) 3. Country of Incorporation (enter country code—see instructions) 4. E&P for Tax Year Indicated (in functional currency) 5. Foreign Taxes Paid for Tax Year Indicated (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 . 6. Section 951(a)(1) Inclusions (a) Functional Currency . . . . . . 7. Tax Deemed Paid (see instructions) (b) U.S. Dollars . . . . . ▶ Form 1118 (Rev. 12-2018) Page 4 Form 1118 (Rev. 12-2018) 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 1a. Name of Foreign Corporation Total (add amounts in column 4) . . . . Total (add amounts in column 5) . . . . Part II—Foreign Income Tax Deemed Paid 1. Global Intangible Low-Taxed Income (Section 951A Inclusion) 1b. EIN or Reference ID Number of the Foreign Corporation (see instructions) . . . . . . . . . . . . 2. Tax Year End (Year/Month) (see instructions) . . . . . . . . . . 2. Inclusion Percentage. Divide Part II, Column 1, by Part I, Column 4 Total . . . . . . 3. Country of Incorporation (enter country code— see instructions) . . . . . . . . . . . . . . . . . . 5. Pro Rata Share of Tested Foreign Income Taxes Paid or Accrued by CFC 4. Pro Rata Share of CFC’s Tested Income ▶ . . . . 3. Multiply Part I, Column 5 Total, by Part II, Column 2 Percentage . . . . . . ▶ 4. Tax Deemed Paid (Multiply Part II, column 3, by 80%. Enter the result here and include on the “Totals” line of Schedule B, Part I, column 3.) Form 1118 (Rev. 12-2018) Page 5 Form 1118 (Rev. 12-2018) 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). 1a. Name of Distributing Foreign Corporation 1b. EIN or Reference ID Number of the Foreign Corporation (see instructions) 2. Tax Year End (Year/Month) (see instructions) 3. Country of Incorporation (enter country code— see instructions) 4. Distribution of Previously Taxed Income (PTI) 5. Foreign Income Taxes Properly Attributable to PTI and Not Previously Deemed Paid Total (add amounts in column 5). Enter the result here and include on the “Totals” line of Schedule B, Part I, column 3 . . . . . . . . . ▶ 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). 1a. Name of Distributing Foreign Corporation 1b. EIN or Reference ID Number of the Foreign Corporation (see instructions) 2. Tax Year End (Year/Month) (see instructions) 3. Country of Incorporation (enter country code—see instructions) 4a. Name of Recipient Foreign Corporation 4b. EIN or Reference ID Number of the Foreign Corporation (see instructions) 5. Tax Year End (Year/Month) (see instructions) 6. Country of Incorporation (enter country code—see instructions) 7. Previously Taxed Income (PTI) Distributed 8. Foreign Income Taxes Properly Attributable to PTI and Not Previously Deemed Paid Form 1118 (Rev. 12-2018) Page 6 Form 1118 (Rev. 12-2018) Schedule F-1 Tax Deemed Paid by Domestic Corporation Filing Return—Pre-2018 Taxable Years of Foreign Corporations Use this schedule to figure the tax deemed paid by the corporation with respect to dividends from a first-tier foreign corporation under section 902(a), and deemed inclusions of earnings from a first- or lower-tier foreign corporation under section 960(a). Report all amounts in U.S. dollars unless otherwise specified. IMPORTANT: Applicable to dividends or inclusions from taxable years of foreign corporations beginning on or before December 31, 2017. If taxpayer does not have such a dividend or inclusion, do not complete Schedule F-1 (see instructions). Part I—Dividends and Deemed Inclusions From Post-1986 Undistributed Earnings 1a. Name of Foreign Corporation (identify DISCs and former DISCs) 7. Post-1986 Foreign Income Taxes (add columns 5, 6(a), and 6(b)) 1b. EIN (if any) of the Foreign Corporation 1c. Reference ID Number (see instructions) 8. Dividends and Deemed Inclusions (a) Functional Currency (b) U.S. Dollars 2. Tax Year End (Year/Month) (see instructions) 3. Country of Incorporation (enter country code—see instructions) 9. Divide Column 8(a) by Column 4 4. Post-1986 Undistributed Earnings (in functional currency) (attach schedule) 10. Multiply Column 7 by Column 9 Total (add amounts in column 12). Enter the result here and include on the “Totals” line of Schedule B, Part I, column 3 . 6. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated 5. Opening Balance in Post-1986 Foreign Income Taxes (a) Taxes Paid 11. Section 960(c) Limitation . . . . . . . . . (b) Taxes Deemed Paid (see instructions) 12. Tax Deemed Paid (subtract column 11 from column 10) .▶ Form 1118 (Rev. 12-2018) Page 7 Form 1118 (Rev. 12-2018) Schedule F-1 IMPORTANT: Tax Deemed Paid by Domestic Corporation Filing Return—Pre-2018 Taxable Years of Foreign Corporations (continued) Applicable to dividends or inclusions from taxable years of foreign corporations beginning on or before December 31, 2017. If taxpayer does not have such a dividend or inclusion, do not complete Schedule F-1 (see instructions). Part II—Dividends Paid Out of Pre-1987 Accumulated Profits 1a. Name of Foreign Corporation (identify DISCs and former DISCs) 5. Foreign Taxes Paid and Deemed Paid on Earnings and Profits (E&P) for Tax Year Indicated (in functional currency) (see instructions) 1b. EIN (if any) of the Foreign Corporation 1c. Reference ID Number (see instructions) 6. Dividends Paid (a) Functional Currency 2. Tax Year End (Year/Month) (see instructions) 8. Tax Deemed Paid (see instructions) 7. Divide Column 6(a) by Column 4 (b) U.S. Dollars (a) Functional Currency Total (add amounts in column 8b). Enter the result here and include on the “Totals” line of Schedule B, Part I, column 3 Part III—Deemed Inclusions From Pre-1987 Earnings and Profits 1a. Name of Foreign Corporation (identify DISCs and former DISCs) 5. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated (see instructions) 1b. EIN (if any) of the Foreign Corporation 1c. Reference ID Number (see instructions) 6. Deemed Inclusions (a) Functional Currency (b) U.S. Dollars 4. Accumulated Profits for Tax Year Indicated (in functional currency computed under section 902) (attach schedule) 3. Country of Incorporation (enter country code— see instructions) . 2. Tax Year End (Year/Month) (see instructions) . . . . . . . (b) U.S. Dollars ▶ 3. Country of Incorporation (enter country code— see instructions) 8. Tax Deemed Paid (multiply column 5 by column 7) 7. Divide Column 6(a) by Column 4 Total (add amounts in column 8). Enter the result here and include on the “Totals” line of Schedule B, Part I, column 3 . . . . . 4. E&P for Tax Year Indicated (in functional currency translated from U.S. dollars, computed under section 964) (attach schedule) . . ▶ Form 1118 (Rev. 12-2018) Page 8 Form 1118 (Rev. 12-2018) Schedule F-2 Tax Deemed Paid by First- and Second-Tier Foreign Corporations Under Section 902(b)—Pre-2018 Taxable Years of Foreign Corporations Use Part I to compute the tax deemed paid by a first-tier foreign corporation with respect to dividends from a second-tier foreign corporation. Use Part II to compute the tax deemed paid by a second-tier foreign corporation with respect to dividends from a third-tier foreign corporation. Report all amounts in U.S. dollars unless otherwise specified. IMPORTANT: Applicable to dividends from taxable years of foreign corporations beginning on or before December 31, 2017. If taxpayer does not have such a dividend, do not complete Schedule F-2 (see instructions). Part I—Tax Deemed Paid by First-Tier Foreign Corporations Section A—Dividends Paid Out of Post-1986 Undistributed Earnings (Include the column 10 results in Schedule F-1, Part I, column 6(b).) 1a. Name of Second-Tier Foreign Corporation and Its Related First-Tier Foreign Corporation 1b. EIN (if any) of the Second-Tier Foreign Corporation 6. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated (a) Taxes Paid (b) Taxes Deemed Paid (see instructions) 1c. Reference ID Number (see instructions) 2. Tax Year End (Year/Month) (see instructions) 3. Country of Incorporation (enter country code— see instructions) 8. Dividends Paid (in functional currency) 7. Post-1986 Foreign Income Taxes (add columns 5, 6(a), and 6(b)) (a) of Second-Tier Corporation (b) of First-Tier Corporation 4. Accumulated Profits for Tax Year Indicated (in functional currency— see instructions) 5. Opening Balance Post-1986 Foreign Income Taxes 10. Tax Deemed Paid (multiply column 7 by column 9) 9. Divide Column 8(a) by Column 4 Section B—Dividends Paid Out of Pre-1987 Accumulated Profits (Include the column 8(b) results in Schedule F-1, Part I, column 6(b).) 1a. Name of Second-Tier Foreign Corporation and Its Related First-Tier Foreign Corporation 5. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated (in functional currency— see instructions) 1b. EIN (if any) of the Second-Tier Foreign Corporation 1c. Reference ID Number (see instructions) 6. Dividends Paid (in functional currency) (a) of Second-Tier Corporation (b) of First-Tier Corporation 2. Tax Year End (Year/Month) (see instructions) 7. Divide Column 6(a) by Column 4 3. Country of Incorporation (enter country code— see instructions) 4. Accumulated Profits for Tax Year Indicated (in functional currency— attach schedule) 8. Tax Deemed Paid (see instructions) (a) Functional Currency of Second-Tier Corporation (b) U.S. Dollars Form 1118 (Rev. 12-2018) Page 9 Form 1118 (Rev. 12-2018) Schedule F-2 IMPORTANT: Tax Deemed Paid by First- and Second-Tier Foreign Corporations Under Section 902(b)—Pre-2018 Taxable Years of Foreign Corporations (continued) Applicable to dividends from taxable years of foreign corporations beginning on or before December 31, 2017. If taxpayer does not have such a dividend, do not complete Schedule F-2 (see instructions). Part II—Dividends Deemed Paid by Second-Tier Foreign Corporations Section A—Dividends Paid Out of Post-1986 Undistributed Earnings (In general, include the column 10 results in Section A, column 6(b), of Part I. However, see instructions for Schedule F-1, Part I, column 6(b), for an exception.) 1a. Name of Third-Tier Foreign Corporation and Its Related Second-Tier Foreign Corporation 1b. EIN (if any) of the Third-Tier Foreign Corporation 6. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated (a) Taxes Paid (b) Taxes Deemed Paid (from Schedule F-3, Part I, column 10) 1c. Reference ID Number (see instructions) 7. Post-1986 Foreign Income Taxes (add columns 5, 6(a), and 6(b)) 2. Tax Year End (Year/Month) (see instructions) 4. Post-1986 Undistributed Earnings (in functional currency— attach schedule) 3. Country of Incorporation (enter country code— see instructions) 8. Dividends Paid (in functional currency) (a) of Third-Tier Corporation (b) of Second-Tier Corporation 5. Opening Balance in Post-1986 Foreign Income Taxes 10. Tax Deemed Paid (multiply column 7 by column 9) 9. Divide Column 8(a) by Column 4 Section B—Dividends Paid Out of Pre-1987 Accumulated Profits (In general, include the column 8(b) results in Section A, column 6(b), of Part I. However, see instructions for Schedule F-1, Part I, column 6(b) for an exception.) 1a. Name of Third-Tier Foreign Corporation and Its Related Second-Tier Foreign Corporation 5. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated (in functional currency— see instructions) 1b. EIN (if any) of the Third-Tier Foreign Corporation 1c. Reference ID Number (see instructions) 6. Dividends Paid (in functional currency) (a) of Third-Tier Corporation (b) of Second-Tier Corporation 2. Tax Year End (Year/Month) (see instructions) 7. Divide Column 6(a) by Column 4 3. Country of Incorporation (enter country code— see instructions) 4. Accumulated Profits for Tax Year Indicated (in functional currency— attach schedule) 8. Tax Deemed Paid (see instructions) (a) Functional Currency of Third-Tier Corporation (b) U.S. Dollars Form 1118 (Rev. 12-2018) Page 10 Form 1118 (Rev. 12-2018) Schedule F-3 Tax Deemed Paid by Certain Third-, Fourth-, and Fifth-Tier Foreign Corporations Under Section 902(b)—Pre-2018 Taxable Years of Foreign Corporations Use this schedule to report taxes deemed paid with respect to dividends from eligible post-1986 undistributed earnings of fourth-, fifth-, and sixth-tier controlled foreign corporations. Report all amounts in U.S. dollars unless otherwise specified. IMPORTANT: Applicable to dividends from taxable years of foreign corporations beginning on or before December 31, 2017. If taxpayer does not have such a dividend, do not complete Schedule F-3 (see instructions). Part I—Tax Deemed Paid by Third-Tier Foreign Corporations (In general, include the column 10 results in Schedule F-2, Part II, Section A, column 6(b). However, see instructions for Schedule F-1, Part I, column 6(b), for an exception.) 1a. Name of Fourth-Tier Foreign Corporation and Its Related Third-Tier Foreign Corporation 1b. EIN (if any) of the Fourth-Tier Foreign Corporation 6. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated (a) Taxes Paid (b) Taxes Deemed Paid (from Part II, column 10) 1c. Reference ID Number (see instructions) 7. Post-1986 Foreign Income Taxes (add columns 5, 6(a), and 6(b)) 2. Tax Year End (Year/Month) (see instructions) 3. Country of Incorporation (enter country code— see instructions) 8. Dividends Paid (in functional currency) (a) of Fourth-Tier CFC (b) of Third-Tier CFC 4. Post-1986 Undistributed Earnings (in functional currency— attach schedule) 5. Opening Balance in Post-1986 Foreign Income Taxes 9. Divide Column 8(a) by Column 4 10. Tax Deemed Paid (multiply column 7 by column 9) Form 1118 (Rev. 12-2018) Page 11 Form 1118 (Rev. 12-2018) Schedule F-3 IMPORTANT: Tax Deemed Paid by Certain Third-, Fourth-, and Fifth-Tier Foreign Corporations Under Section 902(b)—Pre-2018 Taxable Years of Foreign Corporations (continued) Applicable to dividends from taxable years of foreign corporations beginning on or before December 31, 2017. If taxpayer does not have such a dividend, do not complete Schedule F-3 (see instructions). Part II—Tax Deemed Paid by Fourth-Tier Foreign Corporations (In general, include the column 10 results in column 6(b) of Part I. However, see instructions for Schedule F-1, Part I, column 6(b), for an exception.) 1a. Name of Fifth-Tier Foreign Corporation and Its Related Fourth-Tier Foreign Corporation 1b. EIN (if any) of the Fifth-Tier Foreign Corporation 6. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated (a) Taxes Paid (b) Taxes Deemed Paid (from Part III, column 10) 1c. Reference ID Number (see instructions) 7. Post-1986 Foreign Income Taxes (add columns 5, 6(a), and 6(b)) 2. Tax Year End (Year/Month) (see instructions) 3. Country of Incorporation (enter country code— see instructions) 8. Dividends Paid (in functional currency) (a) of Fifth-Tier CFC (b) of Fourth-Tier CFC 4. Post-1986 Undistributed Earnings (in functional currency— attach schedule) 9. Divide Column 8(a) by Column 4 5. Opening Balance in Post-1986 Foreign Income Taxes 10. Tax Deemed Paid (multiply column 7 by column 9) Part III—Tax Deemed Paid by Fifth-Tier Foreign Corporations (In general, include the column 10 results in column 6(b) of Part II, above. However, see instructions for Schedule F-1, Part I, column 6(b), for an exception.) 1a. Name of Sixth-Tier Foreign Corporation and Its Related Fifth-Tier Foreign Corporation 6. Foreign Taxes Paid for Tax Year Indicated 1b. EIN (if any) of the Sixth-Tier Foreign Corporation 7. Post-1986 Foreign Income Taxes (add columns 5 and 6) 1c. Reference ID Number (see instructions) 2. Tax Year End (Year/Month) (see instructions) 3. Country of Incorporation (enter country code— see instructions) 8. Dividends Paid (in functional currency) (a) of Sixth-Tier CFC (b) of Fifth-Tier CFC 4. Post-1986 Undistributed Earnings (in functional currency— attach schedule) 9. Divide Column 8(a) by Column 4 5. Opening Balance in Post-1986 Foreign Income Taxes 10. Tax Deemed Paid (multiply column 7 by column 9) Form 1118 (Rev. 12-2018) Page 12 Form 1118 (Rev. 12-2018) Schedule G Reductions of Taxes Paid, Accrued, or Deemed Paid Part I—Reduction Amounts A Reduction of Taxes Under Section 901(e)—Attach separate schedule B Reduction of Foreign Oil and Gas Taxes—Enter amount from Schedule I, Part II, line 4 C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reduction of Taxes Due to International Boycott Provisions—Enter appropriate portion of Schedule C (Form 5713), line 2b. Important: Enter only “specifically attributable taxes” here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D Reduction of Taxes for Section 6038(c) Penalty—Attach separate schedule . . . . . . . . . . . . . . . . . . . . . . . E Taxes suspended under section 909 . . . . . . . . . . . . . . . . . . . . . . . . F Other Reductions of Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Enter code—see instructions ▶ 2. If more than one code is entered on line F1 or if code OTH is entered on line F1, attach schedule (see instructions). . . . . . . . . . . . . . . . ▶ G Check this box if, during the tax year, the corporation paid or accrued any foreign tax that was disqualified for credit under section 901(m) . . . . . . . . . ▶ H Check this box if, during the tax year, the corporation paid or accrued any foreign tax that was disqualified for credit under section 901(j), (k), or (l) . . . . . . . ▶ . . . . . . . . . . Total (add lines A through F). Enter here and on Schedule B, Part II, line 3 . Part II—Other Information . . . . . . . . . . . . . . . . . . . . . . . . . Form 1118 (Rev. 12-2018) Page 13 Form 1118 (Rev. 12-2018) Schedule H Apportionment of Certain Deductions (Complete only once for all categories of income.) Part I—Research and Experimental Deductions (a) Sales Method Product Line #1 (SIC Code: (i) Gross Sales 1 2 Totals (see instructions) Total to be apportioned 3 Apportionment among statutory groupings (see instructions): Enter Code (1) Section 245A dividend (2) Other . . . . . (3) Total line a . . . Enter Code (1) Section 245A dividend (2) Other . . . . . (3) Total line b . . . Enter Code (1) Section 245A dividend (2) Other . . . . . (3) Total line c . . . Enter Code (1) Section 245A dividend (2) Other . . . . . (3) Total line d . . . Enter Code (1) Section 245A dividend (2) Other . . . . . (3) Total line e . . . Enter Code (1) Section 245A dividend (2) Other . . . . . (3) Total line f . . . Total foreign (add lines 3a(3), 3b(3), 3c(3), 3d(3), 3e(3), and 3f(3)) . . ▶ a b c d e f 4 (ii) R&E Deductions Important: See Computer-Generated Schedule H in instructions. ) (b) Gross Income Method—Check method used: Product Line #2 (SIC Code: (iii) Gross Sales (iv) R&E Deductions ) Product Line #1 (SIC Code: (v) Gross Income (vi) R&E Deductions ) Option 1 Option 2 ) Product Line #2 (SIC Code: (vii) Gross Income (viii) R&E Deductions (c) Total R&E Deductions (enter the sum of all amounts entered in all applicable “R&E Deductions” columns) Form 1118 (Rev. 12-2018) Page 14 Form 1118 (Rev. 12-2018) Schedule H Apportionment of Certain Deductions (Complete only once for all categories of income.) (continued) Part II—Interest Deductions, All Other Deductions, and Total Deductions (a) Average Value of Assets— Check method used: Tax book value Alternative tax book value (i) Nonfinancial Corporations (ii) Financial Corporations (b) Interest Deductions (iii) Nonfinancial Corporations (c) All Other Deductions (see instructions) (iv) Financial Corporations 1a Totals (see instructions) . . . . . . . . . . . . . b Amounts specifically allocable under Temporary Regulations section 1.861-10T(e) . . . . . . . . . . . . . . c Other specific allocations under Temporary Regulations section 1.861-10T d Assets excluded from apportionment formula . . . . . . 2 Total to be apportioned (subtract the sum of lines 1b, 1c, and 1d from line 1a) . . . . . . . . . . . . . . . . 3 Apportionment among statutory groupings (see instructions): a Enter Code (1) Section 245A dividend . . . . . . . . . . . . (2) Other . . . . . . . . . . . . . . . . . . (3) Total line a . . . . . . . . . . . . . . . . b Enter Code (1) Section 245A dividend . . . . . . . . . . . . (2) Other . . . . . . . . . . . . . . . . . . (3) Total line b . . . . . . . . . . . . . . . . c Enter Code (1) Section 245A dividend . . . . . . . . . . . . (2) Other . . . . . . . . . . . . . . . . . . (3) Total line c . . . . . . . . . . . . . . . . d Enter Code (1) Section 245A dividend . . . . . . . . . . . . (2) Other . . . . . . . . . . . . . . . . . . (3) Total line d . . . . . . . . . . . . . . . . e Enter Code (1) Section 245A dividend . . . . . . . . . . . . (2) Other . . . . . . . . . . . . . . . . . . (3) Total line e . . . . . . . . . . . . . . . . f Enter Code (1) Section 245A dividend . . . . . . . . . . . . (2) Other . . . . . . . . . . . . . . . . . . (3) Total line f . . . . . . . . . . . . . . . . 4 Total foreign (add lines 3a(3), 3b(3), 3c(3), 3d(3), 3e(3), and 3f(3)) ▶ Section 904(b)(4) Adjustments Expenses Allocated and Apportioned to Foreign Source Section 245A Dividend. Enter the sum of lines 3a(1), 3b(1), 3c(1), 3d(1), 3e(1), and 3f(1). Include the 5 column (d) result as a negative amount on Schedule B, Part II, line 8b . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Enter expenses allocated and apportioned to U.S. source section 245A dividend. Include the column (d) result as a negative amount on Schedule B, Part II, line 8b Important: See Computer-Generated Schedule H in instructions. (d) Totals (add the corresponding amounts from column (c), Part I; columns (b)(iii) and (b)(iv), Part II; and column (c), Part II) Additional note: Be sure to also enter the totals from lines 3a(2), 3b(2), 3c(2), 3d(2), 3e(2), and 3f(2) below in column 15 of the corresponding Schedule A. Form 1118 (Rev. 12-2018)
Extracted from PDF file 2018-federal-form-1118.pdf, last modified December 2018

More about the Federal Form 1118 Corporate Income Tax Tax Credit TY 2018

We last updated the Foreign Tax Credit - Corporations in December 2018, so this is the latest version of Form 1118, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form 1118 directly from TaxFormFinder. You can print other Federal tax forms here.

Related Federal Corporate Income Tax Forms:

TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Federal Form 1118.

Form Code Form Name
1118 (Schedule I) Reduction of Foreign Oil and Gas Taxes
1118 (Schedule J) Adjustments to Separate Limitation Income (Loss) Categories for Determining Numerators of Limitation Fractions, Year-End Recharacterization Balances,
1118 (Schedule K) Foreign Tax Carryover Reconciliation Schedule

Download all  tax forms View all 775 Federal Income Tax Forms


Form Sources:

The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 1118 from the Internal Revenue Service in December 2018.

Show Sources >

Form 1118 is a Federal Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Federal Form 1118

We have a total of eight past-year versions of Form 1118 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form 1118

Form 1118 (Rev. December 2018)

2017 Form 1118

Form 1118 (Rev. December 2015)

2016 Form 1118

Form 1118 (Rev. December 2015)

Foreign Tax Credit—Corporations 2015 Form 1118

Form 1118 (Rev. December 2015)

Foreign Tax Credit—Corporations 2014 Form 1118

Form 1118 (Rev. December 2014)

Foreign Tax Credit - Corporations 2013 Form 1118

Form 1118 (Rev. December 2013)

Foreign Tax Credit - Corporations 2012 Form 1118

Form 1118 (Rev. December 2012)

Foreign Tax Credit - Corporations 2011 Form 1118

Form 1118 (Rev. December 2011)


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