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Federal Free Printable Form 1118 (Rev. December 2021) for 2022 Federal Foreign Tax Credit - Corporations

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Foreign Tax Credit - Corporations
Form 1118 (Rev. December 2021)

1118 Foreign Tax Credit—Corporations Form (Rev. December 2021) Department of the Treasury Internal Revenue Service OMB No. 1545-0123 Attach to the corporation’s tax return. ▶ Go to www.irs.gov/Form1118 for instructions and the latest information. ▶ For calendar year 20 , or other tax year beginning , 20 , and ending Attachment Sequence No. , 20 118 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 one of the RBT codes 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.) 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)* Gross Income or (Loss) From Sources Outside the United States 3. Inclusions Under Sections 951(a)(1) and 951A (see instructions) (a) Exclude Gross-Up (b) Gross-Up (section 78) 9. Currency Gain 10. Currency Gain Code (see instructions) 4. Dividends (see instructions) 5. Interest 11. Other (attach schedule) 12. Total (add columns 3(a) through 9 and 11) (f) Expenses Allocable to Sales Income (g) Expenses Allocable to Gross Income From Performance of Services A B C Totals (add lines A through C) 6. Gross Rents, Royalties, and License Fees . . . . . . . . . . . . . . . ▶ 8. Gross Income From Performance of Services 7. Sales A B C Totals 13. Allocable Deductions (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 A B C Totals 13. Allocable Deductions (continued) (h) Currency Loss (i) Currency Loss Code (see instructions) (j) Other Allocable Deductions (attach schedule) (see instructions) (k) Total Allocable Deductions (add columns 13(a) through 13(h) and 13(j)) 14. Apportioned Share of Deductions (enter amount from applicable line of Schedule H, Part I, column (b), and Schedule H, Part II, column (d)) 15. Net Operating Loss Deduction 16. Total Deductions (add columns 13(k) through 15) 17. Total Income or (Loss) Before Adjustments (subtract column 16 from column 12) A B C Totals * For section 863(b) income, NOLs, income from RICs, high-taxed income, section 951A, and reattribution of income by reason of disregarded payments, use a single line (see instructions). Also, for reporting branches that are QBUs, use a separate line for each such branch. For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 10900F Form 1118 (Rev. 12-2021) Page 2 Form 1118 (Rev. 12-2021) 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 Earnings and Profits (c) Branch Remittances (e) Rents, Royalties, and License Fees (d) Interest (f) Other ▶ 2. Foreign Taxes Paid or Accrued (attach schedule showing amounts in foreign currency and conversion rate(s) used) (continued) Other Foreign Taxes Paid or Accrued on: (g) Sales (h) Services Income (j) Total Foreign Taxes Paid or Accrued (add columns 2(a) through 2(i)) (i) Other 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)) . . . . . . . . . . . . . . . . . 1a 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b 2 Total taxes deemed paid (total from Part I, column 3) . . . . . . . . . . . . . . . . . . . . . 2 ) 3 Reductions of taxes paid, accrued, or deemed paid (enter total from Schedule G, Part I) . . . . . . . . . . 3 ( 4 Taxes reclassified under high-tax kickout . . . . . . . . . . . . . . . . . . . . . . . . . 4 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 . . . . . . . . . . . . . . . . . . . . . . 5 6 Total foreign taxes (combine lines 1a through 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 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 17 of the applicable Schedule A . . . . . . . . . . . . . . . . . . . . . 7 8a Total taxable income from all sources (enter taxable income from the corporation’s tax return) . . . . . . . . 8a b Adjustments to line 8a (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . 8b c Subtract line 8b from line 8a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8c 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 . . . . . . . . 9 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Multiply line 9 by line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Increase in limitation (section 960(c)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Credit limitation (add lines 11 and 12) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Separate foreign tax credit (enter the smaller of line 6 or line 13). Enter here and on the appropriate line of Part III . . . . . . . . . ▶ 14 Form 1118 (Rev. 12-2021) Page 3 Schedule B Foreign Tax Credit (Report all foreign tax amounts in U.S. dollars.) (continued) Part III—Summary of Separate Credits (Enter amounts from Part II, line 14, for each applicable category of income. Do not include taxes paid to sanctioned countries.) Form 1118 (Rev. 12-2021) 1 2 3 4 5 6 7 8 9 Credit for taxes on section 951A category income . . . . . . . . . . . . . . . . . . . . . . 1 Credit for taxes on foreign branch category income . . . . . . . . . . . . . . . . . . . . . . 2 Credit for taxes on passive category income . . . . . . . . . . . . . . . . . . . . . . . . 3 Credit for taxes on general category income . . . . . . . . . . . . . . . . . . . . . . . . 4 Credit for taxes on section 901(j) category income (combine all such credits on this line) . . . . . . . . . . 5 Credit for taxes on income re-sourced by treaty (combine all such credits on this line) . . . . . . . . . . 6 Total (add lines 1 through 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reduction in credit for international boycott operations (see instructions) . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . ▶ 7 8 9 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). For each line in Schedule C, include the column 10 amount in column 3 of the line in Schedule B, Part I, that corresponds with the identifying number specified in column 1 of Schedule A and that also corresponds with the identifying number entered in column 1b of this Schedule C (see instructions). 1b. EIN or Reference ID Number of the Foreign Corporation (see instructions) 1a. Name of Foreign Corporation 2. Tax Year End (Year/Month) (see instructions) 6. Total Net Income in Subpart F Income Group (in functional currency of foreign corporation) . . . . . . . (a) Reg. sec. 1.960-1(d)(2)(ii)(B)(2) (enter code) (b) Reg. sec. 1.904-4(c)(3)(i)-(iv) (enter code) (c) Unit 8. Section 951(a)(1) Inclusion Attributable to Subpart F Income Group 7. Total Current Year Taxes in Subpart F Income Group (in U.S. dollars) Total (add amounts in column 10) . 5. Subpart F Income Group 4. Functional Currency of Foreign Corporation (enter code— see instructions) 3. Country of Incorporation (enter country code— see instructions) 1c. QBU Reference ID (if applicable) (a) Functional Currency . . . . . . . . . (b) U.S. Dollars . . . . . . . . . . . 10. Tax Deemed Paid (multiply column 7 by column 9) 9. Divide Column 8(a) by Column 6 . . . . . . . . . ▶ Form 1118 (Rev. 12-2021) Page 4 Form 1118 (Rev. 12-2021) 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 Number of the Foreign Corporation (see instructions) 1a. Name of Foreign Corporation 5. Pro Rata Share of CFC’s Tested Income From Applicable Form 8992 Schedule (see instructions) 6. CFC’s Tested Income From Applicable Form 8992 Schedule (see instructions) ▶ Total (add amounts in column 9) . Total (add amounts in column 5) . . . . . . . . . . . . 8. CFC’s Tested Foreign Income Taxes From Schedule Q (Form 5471) (see instructions) 7. Divide Column 5 by Column 6 . . . . . . . . 3. Country of Incorporation (enter country code—see instructions) 2. Tax Year End (Year/Month) (see instructions) . . . . . . . . . . . . . . 4. Functional Currency of Foreign Corporation (enter code) 9. Pro Rata Share of Tested Foreign Income Taxes Paid or Accrued by CFC (multiply column 7 by column 8) ▶ Part II—Foreign Income Tax Deemed Paid 1. Global Intangible Low-Taxed Income (section 951A inclusion) 2. Inclusion Percentage. Divide Part II, Column 1, by Part I, Column 5 Total 3. Multiply Part I, Column 9 Total, by Part II, Column 2 Percentage 4. Tax Deemed Paid (Multiply Part II, column 3, by 80% (0.80). Enter the result here and include on the line of Schedule B, Part I, column 3, that corresponds with the line with “951A” in column 2 of Schedule A.) Form 1118 (Rev. 12-2021) Page 5 Form 1118 (Rev. 12-2021) Schedule E Tax Deemed Paid With Respect to Previously Taxed Earnings and Profits (PTEP) by Domestic Corporation Filing the Return (Section 960(b)) Part I—Tax Deemed Paid by Domestic Corporation Use this part to report the tax deemed paid by the domestic corporation with respect to distributions of PTEP from first-tier foreign corporations under section 960(b). For each line in Schedule E, Part I, include the column 11 amount in column 3 of the line in Schedule B, Part I, that corresponds with the identifying number specified in column 1 of Schedule A and that also corresponds with the identifying number specified in column 1b of this Schedule E, Part I (see instructions). 1b. EIN or Reference ID Number of the Foreign Corporation (see instructions) 1a. Name of Distributing Foreign Corporation 8. Total Amount of the PTEP Group Taxes With Respect to PTEP Group Within an Annual PTEP Account 7. Total Amount of PTEP in the PTEP Group Within an Annual PTEP Account Total (add amounts in column 11) . . . . . . . . . . . 9. Distribution From the PTEP Group Within an Annual PTEP Account . . . . . . . . 3. Country of Incorporation (enter country code—see instructions) 2. Tax Year End (Year/Month) (see instructions) . . . . 4. Functional Currency of the Distributing Foreign Corporation . . . . . . . . . 6. Annual PTEP Account (enter year) 11. Foreign Income Taxes Properly Attributable to PTEP and Not Previously Deemed Paid (multiply column 8 by column 10) 10. Divide Column 9 by Column 7 . 5. PTEP Group (enter code) . . ▶ Form 1118 (Rev. 12-2021) Page 6 Form 1118 (Rev. 12-2021) Schedule E Tax Deemed Paid With Respect to Previously Taxed Earnings and Profits (PTEP) by Domestic Corporation Filing the Return (Section 960(b)) (continued) Part II—Tax Deemed Paid by First- and Lower-Tier Foreign Corporations Use this part to report the tax deemed paid by a foreign corporation with respect to distributions of PTEP from lower-tier foreign corporations under section 960(b) that relate to distributions reported in Part I (see instructions). 7. Functional Currency of the Distributing Foreign Corporation 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) 8. PTEP Group (enter code) 9. Annual PTEP Account (enter year) 10. Total Amount of PTEP in the PTEP Group Within an Annual PTEP Account 11. Total Amount of the PTEP Group Taxes With Respect to PTEP Group Within an Annual PTEP Account 12. PTEP Distributed 13. Divide Column 12 by Column 10 14. Foreign Income Taxes Properly Attributable to PTEP and Not Previously Deemed Paid (multiply column 11 by column 13) Form 1118 (Rev. 12-2021) Page 7 Form 1118 (Rev. 12-2021) Schedule F Reserved 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 . . . . . . . . . . . . . . . . . . . . A B Reduction of foreign oil and gas taxes—Enter amount from Schedule I, Part II, line 4 . . . . . . . . . . . . . . . . . . B C Reduction of taxes due to international boycott provisions—Enter appropriate portion from Schedule C (Form 5713) (see instructions). Important: Enter only “specifically attributable taxes” here . . . . . . . . . . . . . . . . . . . . . . . . . . . C D Reduction of taxes for section 6038(c) penalty—Attach separate schedule E Taxes suspended under section 909 . . . . . . . . F Reduction for disallowed taxes under section 965(g) . . . . . . G Reduction for disallowed taxes under section 245A . . . . H Other reductions in taxes (attach schedule—see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . D . . . . . . . . . . . . . . . . . . . . . . E . . . . . . . . . . . . . . . . . . . . . . . F . . . . . . . . . . . . . . . . . . . . . . . . G . . . . . . . . . . . . . . . . . . . . . . . . H Total (add lines A through H). Enter here and on Schedule B, Part II, line 3 . . . . . . . . . . . . . . . . . . . . . . . . . ▶ I 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) . . . . . . . . . ▶ J 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) . . . . . . . ▶ . . . . . Part II—Other Information Form 1118 (Rev. 12-2021) Page 8 Form 1118 (Rev. 12-2021) Schedule H Apportionment of Certain Deductions (Complete only once for all categories of income.) Part I—Research and Experimental Deductions (a) Gross Receipts Method Product Line #1 (SIC Code: (i) Gross Intangible Income (ii) Gross Receipts ) (iii) R&E Deductions Product Line #2 (SIC Code: (iv) Gross Intangible Income (v) Gross Receipts ) (vi) R&E Deductions (b) Total R&E Deductions (enter the sum of all amounts entered in all applicable “R&E Deductions” columns). 1 2 Total (see instructions) . . . . . . . . . . . Exclusive apportionment (50%) to either: a U.S. source gross intangible income, or . . . . . . b Foreign source gross intangible income . . . . . . 3 Remaining R&E deductions to be apportioned (line 1 minus line 2a or line 2b) . . . . . . . . . . . 4 U.S. source gross intangible income/related gross receipts/allocated and apportioned R&E deductions a Gross intangible income/Taxpayer’s gross receipts . . b Gross intangible income/Controlled parties’ gross receipts c Gross intangible income/Uncontrolled parties’ gross receipts . . . . . . . . . . . . . . . . d Total line 4 . . . . . . . . . . . . . . . 5 Total foreign source gross intangible income/related gross receipts/allocated and apportioned R&E deductions a Gross intangible income/Taxpayer’s gross receipts . . b Gross intangible income/Controlled parties’ gross receipts c Gross intangible income/Uncontrolled parties’ gross receipts . . . . . . . . . . . . . . . . d Total line 5 . . . . . . . . . . . . . . . Important: See Computer-Generated Schedule H in the instructions. Form 1118 (Rev. 12-2021) Page 9 Form 1118 (Rev. 12-2021) Schedule H Apportionment of Certain Deductions (Complete only once for all categories of income.) (continued) Part I—Research and Experimental Deductions (continued) (a) Gross Receipts Method Product Line #1 (SIC Code: (i) Gross Intangible Income (ii) Gross Receipts ) (iii) R&E Deductions Product Line #2 (SIC Code: (iv) Gross Intangible Income (v) Gross Receipts ) (vi) R&E Deductions (b) Total R&E Deductions (enter the sum of all amounts entered in all applicable “R&E Deductions” columns). 6 Foreign source gross intangible income/related gross receipts/allocated and apportioned R&E deductions a Enter code (1) Gross intangible income/Taxpayer’s gross receipts . (2) Gross intangible income/Controlled parties’ gross receipts (3) Gross intangible income/Uncontrolled parties’ gross receipts (4) Add lines 6a(1), 6a(2), and 6a(3) . . . . . . . (5) Amount of line 3 R&E deductions apportioned to this separate category . . . . . . . . . . . . (6) Amount of line 2b R&E deductions apportioned to this separate category . . . . . . . . . . . . (7) Total R&E deductions for this separate category. Add lines 6a(5) and 6a(6) . . . . . . . . . . . b Enter code (1) Gross intangible income/Taxpayer’s gross receipts . (2) Gross intangible income/Controlled parties’ gross receipts (3) Gross intangible income/Uncontrolled parties’ gross receipts (4) Add lines 6b(1), 6b(2), and 6b(3) . . . . . . . (5) Amount of line 3 R&E deductions apportioned to this separate category . . . . . . . . . . . . (6) Amount of line 2b R&E deductions apportioned to this separate category . . . . . . . . . . . . (7) Total R&E deductions for this separate category. Add lines 6b(5) and 6b(6) . . . . . . . . . . . Note: Include the amount from column (b) of line 6a(7) in column 14 of the Schedule A that corresponds with the code entered on line 6a. If applicable, you should likewise include the amount from column (b) of line 6b(7) in column 14 of the Schedule A that corresponds with the code entered on line 6b. On page 10, you should likewise include the amount(s) from column (b) of lines 6c(7), 6d(7), and 6e(7) in column 14 of the Schedule A that corresponds with the code entered on lines 6c, 6d, and 6e, respectively. Important: See Computer-Generated Schedule H in the instructions. Form 1118 (Rev. 12-2021) Page 10 Form 1118 (Rev. 12-2021) Schedule H Apportionment of Certain Deductions (Complete only once for all categories of income.) (continued) Part I—Research and Experimental Deductions (continued) (a) Gross Receipts Method Product Line #1 (SIC Code: (i) Gross Intangible Income (ii) Gross Receipts ) (iii) R&E Deductions Product Line #2 (SIC Code: (iv) Gross Intangible Income (v) Gross Receipts ) (vi) R&E Deductions (b) Total R&E Deductions (enter the sum of all amounts entered in all applicable “R&E Deductions” columns). c Enter code (1) Gross intangible income/Taxpayer’s gross receipts . (2) Gross intangible income/Controlled parties’ gross receipts (3) Gross intangible income/Uncontrolled parties’ gross receipts (4) Add lines 6c(1), 6c(2), and 6c(3) . . . . . . . (5) Amount of line 3 R&E deductions apportioned to this separate category . . . . . . . . . . . . (6) Amount of line 2b R&E deductions apportioned to this separate category . . . . . . . . . . . . (7) Total R&E deductions for this separate category. Add lines 6c(5) and 6c(6) . . . . . . . . . . . d Enter code (1) Gross intangible income/Taxpayer’s gross receipts . (2) Gross intangible income/Controlled parties’ gross receipts (3) Gross intangible income/Uncontrolled parties’ gross receipts (4) Add lines 6d(1), 6d(2), and 6d(3) . . . . . . . (5) Amount of line 3 R&E deductions apportioned to this separate category . . . . . . . . . . . . (6) Amount of line 2b R&E deductions apportioned to this separate category . . . . . . . . . . . . (7) Total R&E deductions for this separate category. Add lines 6d(5) and 6d(6) . . . . . . . . . . . e Enter code (1) Gross intangible income/Taxpayer’s gross receipts . (2) Gross intangible income/Controlled parties’ gross receipts (3) Gross intangible income/Uncontrolled parties’ gross receipts (4) Add lines 6e(1), 6e(2), and 6e(3) . . . . . . . (5) Amount of line 3 R&E deductions apportioned to this separate category . . . . . . . . . . . . (6) Amount of line 2b R&E deductions apportioned to this separate category . . . . . . . . . . . . (7) Total R&E deductions for this separate category. Add lines 6e(5) and 6e(6) . . . . . . . . . . . Total foreign-source apportioned R&E deductions (add lines 6a(7), 6b(7), 6c(7), 6d(7), and 6e(7)). This should equal the amount entered on line 5d of this column . ▶ Important: See Computer-Generated Schedule H in the instructions. 7 Form 1118 (Rev. 12-2021) Page 11 Form 1118 (Rev. 12-2021) 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 (b) Interest Deductions Alternative tax book value (i) Nonfinancial Corporations (ii) Financial Corporations (iii) Nonfinancial Corporations (iv) Financial Corporations (c) All Other Deductions (attach schedule) (see instructions) (d) Totals (add the amounts from columns (b)(iii), (b)(iv), and (c)) Additional note: With respect to each applicable statutory grouping, enter the amount in column (d) of line 3a(2), 3b(2), 3c (2), 3d(2), 3e(2), or 3f(2) below in column 14 of the corresponding Schedule A. 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 5 6 Expenses Allocated and Apportioned to Foreign Source Section 245A Dividend. Enter the sum of amounts in column (d) of lines 3a(1), 3b(1), 3c(1), 3d(1), 3e(1), and 3f(1). Include this line 5 result as a negative amount on Schedule B, Part II, line 8b . . . . . . . . . . . . . . . . Enter expenses allocated and apportioned to U.S. source section 245A dividend. Include this line 6 amount as a negative amount on Schedule B, Part II, line 8b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Form 1118 (Rev. 12-2021)
Extracted from PDF file 2021-federal-form-1118.pdf, last modified December 2021

More about the Federal Form 1118 Corporate Income Tax Tax Credit TY 2021

We last updated the Foreign Tax Credit - Corporations in January 2022, so this is the latest version of Form 1118, fully updated for tax year 2021. 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 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
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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 January 2022.

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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 eleven 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:


2021 Form 1118

Form 1118 (Rev. December 2021)

2020 Form 1118

Form 1118 (Rev. December 2020)

2019 Form 1118

Form 1118 (Rev. December 2018)

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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Source: http://www.taxformfinder.org/federal/form-1118