Form 1118 PDF Details

If you're a business owner, you may be familiar with IRS Form 1118. This form is used to claim an allowable deduction for income taxes paid or accrued to a foreign country or countries. It's important to understand how this form works and what implications it may have for your business tax liability. In this blog post, we'll provide an overview of Form 1118 and discuss some of the things you need to know in order to complete it correctly. Stay tuned for more information on this topic!

Question	Answer
Form Name	Form 1118
Form Length	11 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	2 min 45 sec
Other names	f1118 form 1118 2012

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Form 1118		Foreign Tax Credit—Corporations
Form 1118		▶ Information about Form 1118 and its separate instructions is at www.irs.gov/form1118.
(Rev. December 2013)						OMB No. 1545-0122
		▶ Attach to the corporation's tax return.				OMB No. 1545-0122

Department of the Treasury
Department of the Treasury	For calendar year 20	, or other tax year beginning	, 20	, and ending	, 20
Internal Revenue Service	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 listed below. See Categories of Income in the instructions. Also, see Specific Instructions. Check only one box on each form.

Passive Category Income

General Category Income

Section 901(j) Income: Name of Sanctioned Country ▶

Income Re-sourced by Treaty: Name of Country ▶

Schedule A Income or (Loss) Before Adjustments (Report all amounts in U.S. dollars. See Specific Instructions.)

1. Foreign Country or	Gross Income or (Loss) From Sources Outside the United States (INCLUDE Foreign Branch Gross Income here and on Schedule F)
U.S. Possession (Enter
two-letter code; see
	2. Deemed Dividends (see instructions)	3. Other Dividends
instructions. Use				5. Gross Rents,	6. Gross Income	7. Other (attach 8. Total (add columns
a separate line for			4. Interest
				Royalties, and	From Performance	schedule)	2(a) through 7)

each.) *	(a) Exclude gross-up (b) Gross-up (sec. 78)	(a) Exclude gross-up (b) Gross-up (sec. 78)
				License Fees	of Services

Totals (add lines A through F)

* For section 863(b) income, NOLs, income from RICs, and high-taxed income, use a single line (see instructions).

Deductions (INCLUDE Foreign Branch Deductions here and on Schedule F)

		9. Definitely Allocable Deductions			10. Apportioned Share			13. Total Income or
								(Loss) Before
					of Deductions Not		12. Total
Rental, Royalty, and Licensing Expenses		(c) Expenses		(e) Total Definitely				Adjustments (subtract
			(d) Other		Definitely Allocable
						11. Net Operating	Deductions (add	column 12 from
		Related to Gross		Allocable
			Definitely		(enter amount from
(a) Depreciation,						Loss Deduction	columns 9(e)	column 8)
	(b) Other	Income From		Deductions (add
			Allocable		applicable line of
Depletion, and							through 11)
		Performance of		columns 9(a)
	Expenses		Deductions		Schedule H, Part II,
Amortization
		Services		through 9(d))
					column (d))

Totals

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 10900F

Form 1118 (Rev. 12-2013)

Page 2

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)

1. Credit is Claimed

2. Foreign Taxes Paid or Accrued (attach schedule showing amounts in foreign currency and conversion rate(s) used)

3. Tax Deemed Paid

for Taxes (check one):

(from Schedule C—

Tax Withheld at Source on:

Other Foreign Taxes Paid or Accrued on:

(h) Total Foreign Taxes

Part I, column 12,

Paid

Accrued

(a) Dividends

(b) Interest

(d) Section

(e) Foreign

(f) Services Income

(g) Other

Paid or Accrued (add

Part II, column 8(b),

Date Paid

Date Accrued

and License Fees

863(b) Income

Branch Income

columns 2(a) through 2(g))

and Part III, column 8)

Totals (add lines A through F)

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(h)) . . . . . . . . . . . . . . . . . . . . . . .

bForeign 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

5Enter 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)

7Enter 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 13 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 American Samoa economic development credit) . .
11	Credit limitation (multiply line 9 by line 10) (see instructions)

12Separate foreign tax credit (enter the smaller of line 6 or line 11 here and on the appropriate line of Part III) . . . . . . . . . . . . . . .

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 passive category income
2	Credit for taxes on general category income
3	Credit for taxes on income re-sourced by treaty (combine all such credits on this line)
4	Total (add lines 1 through 3)
5	Reduction in credit for international boycott operations (see instructions)
6	Total foreign tax credit (subtract line 5 from line 4). Enter here and on the appropriate line of the corporation’s tax return

Form 1118 (Rev. 12-2013)

Page 3

Schedule C Tax Deemed Paid by Domestic Corporation Filing Return

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.

Part I—Dividends and Deemed Inclusions From Post-1986 Undistributed Earnings

1a. Name of Foreign Corporation

(identify DISCs and

former DISCs)

1b. EIN (if any) of

the foreign corporation

1c. Reference ID

number

(see instructions)

2.Tax Year End (Yr-Mo) (see instructions)

3.Country of Incorporation (enter country code - see

instructions)

4.Post-1986 Undistributed Earnings (in

functional currency —attach schedule)

5.Opening Balance in Post-1986

Foreign Income

Taxes

6.Foreign Taxes Paid and Deemed Paid for Tax Year Indicated

	(b) Taxes Deemed Paid
(a) Taxes Paid	(from Schedule D, Part I
	— see instructions)

7.Post-1986 Foreign Income Taxes (add columns 5,

6(a), and 6(b))

8.Dividends and Deemed Inclusions

(a) Functional Currency	(b) U.S. Dollars

9.Divide Column 8(a) by Column 4

10.Multiply column 7 by column 9

11.Section 960(c) Limitation

12.Tax Deemed Paid (subtract column 11 from column 10)

Total (Add amounts in column 12. Enter the result here and include on “Totals” line of Schedule B, Part I, column 3.) . . . . . . . . . . . . . ▶

Form 1118 (Rev. 12-2013)

Page 4

Schedule C Tax Deemed Paid by Domestic Corporation Filing Return (Continued)

Part II—Dividends Paid Out of Pre-1987 Accumulated Profits

1a. Name of Foreign

Corporation (identify

DISCs and former

DISCs)

1b. EIN (if any) of

the foreign corporation

1c. Reference ID

number (see instructions)

2.Tax Year End (Yr-Mo) (see instructions)

3.Country of Incorporation (enter country code - see

instructions)

	5. Foreign Taxes
4. Accumulated	Paid and Deemed
Profits for Tax Year	Paid on Earnings
Indicated (in	and Profits
functional currency	(E&P) for Tax Year
computed under	Indicated
section 902) (attach	(in functional
schedule)	currency)
	(see instructions)

6.Dividends Paid

(a)Functional

(b)U.S. Dollars

Currency

7.Divide Column

6(a) by

Column 4

8.Tax Deemed Paid (see instructions)

(a)Functional

(b)U.S. Dollars

Currency

Total (Add amounts in column 8b. Enter the result here and include on “Totals” line of Schedule B, Part I, column 3.)

. . . . . . . . . . . . .

▶

Part III—Deemed Inclusions From Pre-1987 Earnings and Profits

4. E&P for Tax Year

Indicated

6. Deemed Inclusions

1a. Name of Foreign

2. Tax Year

3. Country of

(in functional

5. Foreign Taxes

1b. EIN (if any) of

1c. Reference ID

Incorporation

currency

Paid and Deemed

7. Divide Column

8. Tax Deemed Paid

Corporation (identify

End (Yr-Mo)

the foreign

number (see

(enter country

translated from U.S.

Paid for

6(a) by

(multiply column 5

DISCs and former

(see

corporation

instructions)

code - see

dollars,

Tax Year Indicated

Column 4

by column 7)

DISCs)

instructions)

(a) Functional

instructions)

computed under

(see instructions)

(b) U.S. Dollars

Currency

section 964) (attach

schedule)

Total (Add amounts in column 8. Enter the result here and include on “Totals” line of Schedule B, Part I, column 3.) .

. . . . . . . . . . . . .

▶

Form 1118 (Rev. 12-2013)

Page 5

Schedule D Tax Deemed Paid by First- and Second-Tier Foreign Corporations under Section 902(b)

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.

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 C, 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

1c. Reference ID number

(see instructions)

2.Tax Year End (Yr-Mo) (see instructions)

3.Country of Incorporation (enter country code - see

instructions)

4.Post-1986 Undistributed

Earnings (in functional

currency—attach schedule)

5.Opening Balance in Post-1986 Foreign Income

Taxes

6. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated

	(a) Taxes Paid	(b) Taxes Deemed Paid (see
	(a) Taxes Paid	instructions)
		instructions)

7.Post-1986 Foreign Income Taxes (add columns 5,

6(a), and 6(b))

8.Dividends Paid (in functional currency)

(a) of Second-tier Corporation	(b) of First-tier Corporation

9.Divide Column 8(a) by Column 4

10.Tax Deemed Paid (multiply column 7 by

column 9)

Section B—Dividends Paid Out of Pre-1987 Accumulated Profits (Include the column 8(b) results in Schedule C, 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

1c. Reference ID

number (see instructions)

			5. Foreign Taxes
	3. Country of	4. Accumulated	Paid and Deemed
2. Tax Year End	Incorporation	Profits for Tax	Paid for Tax Year
(Yr-Mo) (see	(enter country	Year Indicated (in	Indicated
instructions)	code - see	functional currency	(in functional
	instructions)	—attach schedule)	currency—see
			instructions)

6.Dividends Paid (in functional currency)

(a) of Second-tier	(b) of First-tier
Corporation	Corporation

7.Divide Column 6(a) by

Column 4

8.Tax Deemed Paid (see instructions)

(a)Functional

	Currency of	(b) U.S. Dollars
	Second-tier	(b) U.S. Dollars
	Second-tier
	Corporation

Form 1118 (Rev. 12-2013)

Page 6

Schedule D Tax Deemed Paid by First- and Second-Tier Foreign Corporations under Section 902(b) (Continued)

Part II—Tax Deemed Paid by Second-Tier Foreign Corporations

Section A—Dividends Paid Out of Post-1986 Undistributed Earnings (Include the column 10 results in Section A, column 6(b), of Part I.)

1a. Name of Third-Tier Foreign Corporation and Its Related Second-Tier Foreign Corporation

1b. EIN (if any) of the third-

tier foreign corporation

1c. Reference ID number

(see instructions)

2.Tax Year End (Yr-Mo) (see instructions)

3.Country of Incorporation (enter country code - see

instructions)

4.Post-1986 Undistributed

Earnings (in functional

currency—attach schedule)

5.Opening Balance in Post-1986 Foreign Income

Taxes

6. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated

	(a) Taxes Paid	(b) Taxes Deemed Paid (from
	(a) Taxes Paid	Schedule E, Part I, column 10)
		Schedule E, Part I, column 10)

7.Post-1986 Foreign Income Taxes (add columns 5,

6(a), and 6(b))

8.Dividends Paid (in functional currency)

(a)of Third-tier Corporation (b) of Second-tier Corporation

9.Divide Column 8(a) by Column 4

10.Tax Deemed Paid (multiply column 7 by

column 9)

Section B—Dividends Paid Out of Pre-1987 Accumulated Profits (Include the column 8(b) results in Section A, column 6(b), of Part I.)

1a. Name of Third-Tier

Foreign Corporation and Its

Related Second-Tier Foreign

Corporation

1b. EIN (if any) of

the third-tier

foreign

corporation

1c. Reference ID

number (see instructions)

2.Tax Year End (Yr-Mo) (see instructions)

3.Country of Incorporation (enter country

code - see

instructions)

	5. Foreign Taxes
4. Accumulated	Paid and Deemed
Profits for Tax Year	Paid for Tax Year
Indicated (in	Indicated
functional currency	(in functional
—attach schedule)	currency—see
	instructions)

6.Dividends Paid (in functional currency)

(a)of Third-tier (b) of Second-tier

Corporation Corporation

7.Divide Column 6(a) by

Column 4

8.Tax Deemed Paid (see instructions)

(a)In Functional

	Currency of	(b) U.S. Dollars
	Third-tier	(b) U.S. Dollars
	Third-tier
	Corporation

Form 1118 (Rev. 12-2013)

Page 7

Schedule E Tax Deemed Paid by Certain Third-, Fourth-, and Fifth-Tier Foreign Corporations Under Section 902(b)

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.

Part I—Tax Deemed Paid by Third-Tier Foreign Corporations (Include the column 10 results in Schedule D, Part II, Section A, column 6(b).)

1a. Name of Fourth-Tier Foreign Corporation and

Its Related Third-Tier Foreign Corporation

1b. EIN (if any) of the

fourth-tier foreign

corporation

1c. Reference ID number

(see instructions)

2.Tax Year End (Yr-Mo) (see instructions)

3.Country of Incorporation (enter country code- see

instructions)

4.Post-1986 Undistributed Earnings (in functional

currency—attach schedule)

5.Opening Balance in Post-1986 Foreign Income

Taxes

6. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated

	(a) Taxes Paid	(b) Taxes Deemed Paid (from
	(a) Taxes Paid	Part II, column 10)
		Part II, column 10)

7.Post-1986 Foreign Income Taxes (add columns 5,

6(a), and 6(b))

8.Dividends Paid (in functional currency)

(a) of Fourth-tier CFC	(b) of Third-tier CFC

9.Divide Column 8(a) by Column 4

10.Tax Deemed Paid (multiply column 7 by

column 9)

Form 1118 (Rev. 12-2013)

Page 8

Schedule E Tax Deemed Paid by Certain Third-, Fourth-, and Fifth-Tier Foreign Corporations Under Section 902(b) (Continued)

Part II—Tax Deemed Paid by Fourth-Tier Foreign Corporations (Include the column 10 results in column 6(b) of Part I above.)

1a. Name of Fifth-Tier Foreign Corporation and Its

Related Fourth-Tier Foreign Corporation

1b. EIN (if any) of the

fifth-tier foreign corporation

1c. Reference ID number

(see instructions)

2.Tax Year End (Yr-Mo) (see instructions)

3.Country of Incorporation (enter country code - see

instructions)

4.Post-1986 Undistributed

Earnings (in functional

currency—attach schedule)

5.Opening Balance in Post-1986 Foreign Income

Taxes

6. Foreign Taxes Paid and Deemed Paid for Tax Year Indicated

	(a) Taxes Paid	(b) Taxes Deemed Paid (from
	(a) Taxes Paid	Part III, column 10)
		Part III, column 10)

7.Post-1986 Foreign Income Taxes (add columns 5,

6(a), and 6(b))

8.Dividends Paid (in functional currency)

(a) of Fifth-tier CFC	(b) of Fourth-tier CFC

9.Divide Column 8(a) by Column 4

10.Tax Deemed Paid (multiply column 7 by

column 9)

Part III—Tax Deemed Paid by Fifth-Tier Foreign Corporations (Include the column 10 results in column 6(b) of Part II above.)

1a. Name of Sixth-Tier Foreign Corporation and

Its Related Fifth-Tier Foreign Corporation

1b. EIN (if any) of the

sixth-tier foreign corporation

1c. Reference ID number

(see instructions)

2.Tax Year End (Yr-Mo) (see instructions)

3.Country of Incorporation (enter country code - see

instructions)

4.Post-1986 Undistributed Earnings (in functional

currency—attach schedule)

5.Opening Balance in Post-1986 Foreign Income

Taxes

6.Foreign Taxes Paid for Tax Year Indicated

7.Post-1986 Foreign

Income Taxes

(add columns 5 and 6)

8.Dividends Paid (in functional currency)

(a) of Sixth-tier CFC	(b) of Fifth-tier CFC

9.Divide Column 8(a) by Column 4

10.Tax Deemed Paid (multiply column 7 by

column 9)

Form 1118 (Rev. 12-2013)

Page 9

Schedule F	Gross Income and Definitely Allocable Deductions for Foreign
	Branches

Schedule G Reductions of Taxes Paid, Accrued, or Deemed Paid

Part I - Reduction Amounts

1. Foreign Country or U.S. Possession (Enter

3. Definitely Allocable

Reduction

Taxes Under

Section

901(e)—Attach

2. Gross Income

separate schedule

two-letter code from Schedule A, column 1.

Deductions

Use a separate line for each.)

Reduction

Foreign Oil

and Gas

Taxes—Enter

amount from Schedule I, Part II, line 4

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.

Reduction

Taxes for Section 6038(c)

Penalty—

Attach separate schedule

Taxes suspended under section 909

Other Reductions of Taxes—Attach schedule(s)

Total (add lines A through F). Enter here and on Schedule

B, Part II, line 3

. . . . . . . .

. .

. . . ▶

Part II - Other Information

During the tax year, did the corporation pay or accrue any foreign tax that

was disqualified for credit under section 901(m)?

Totals (add lines A through F)* ▶

* Note: The Schedule F totals are not carried over to any other Form 1118 Schedule. (These totals were already included in

Form 1118 (Rev. 12-2013)

Schedule A.) However, the IRS requires the corporation to complete Schedule F under the authority of section 905(b).

Form 1118 (Rev. 12-2013)

Page 10

Schedule H

Apportionment of Deductions Not Definitely Allocable (complete only once)

Part I—Research and Development Deductions

(a) Sales Method

(b) Gross Income Method — Check method used:

Option 1

Option 2

Product line #1 (SIC Code:

) *

Product line #2 (SIC Code:

) *

Product line #1 (SIC Code:

) *

Product line #2 (SIC Code:

) *

Deductions Not

(iv) R&D

Definitely Allocable

(i) Gross Sales

(ii) R&D Deductions

(iii) Gross Sales

(v) Gross Income

(vi) R&D Deductions

(vii) Gross Income

(viii) R&D Deductions

(enter the sum of all

Deductions

amounts entered in all

applicable “R&D

Deductions” columns)

Totals (see instructions)

2 Total to be apportioned

Apportionment among

statutory groupings:

General category income

Passive category income

Section 901(j) income*

d Income re-sourced by treaty*

4 Total foreign (add lines 3a

through 3d)

* Important: See Computer-Generated Schedule H in instructions.

Form 1118 (Rev. 12-2013)

Form 1118 (Rev. 12-2013)		Page 11

Schedule H	Apportionment of Deductions Not Definitely Allocable (continued)

Part II—Interest Deductions, All Other Deductions, and Total Deductions

(a)Average Value of Assets—Check method used:

		Fair market value	Tax book value	(b) Interest Deductions		(c) All Other
						(c) All Other
		Alternative tax book value				Deductions Not
						Definitely Allocable	(d) Totals (add the
		(i) Nonfinancial		(iii) Nonfinancial	(iv) Financial	Definitely Allocable	(d) Totals (add the
		(i) Nonfinancial	(ii) Financial Corporations	(iii) Nonfinancial	(iv) Financial		corresponding
		Corporations	(ii) Financial Corporations	Corporations	Corporations		corresponding
		Corporations		Corporations	Corporations		amounts from
							amounts from
							column (c), Part I;
1a	Totals (see instructions)						columns (b)(iii) and
1a	Totals (see instructions)						(b)(iv), Part II; and
	Amounts specifically allocable under Temp. Regs.						column (c), Part II).
	Amounts specifically allocable under Temp. Regs.						Enter each amount
b	1.861-10T(e)						Enter each amount
b	1.861-10T(e)						from lines 3a
							through 3d below
c Other specific allocations under Temp. Regs. 1.861-10T							in column 10 of the
c Other specific allocations under Temp. Regs. 1.861-10T							corresponding
							corresponding
							Schedule A.

dAssets excluded from apportionment formula

2Total to be apportioned (subtract the sum of lines 1b, 1c, and 1d from line 1a)

3 Apportionment among statutory groupings:

aGeneral category income

bPassive category income

cSection 901(j) income*

dIncome re-sourced by treaty*

4	Total foreign (add lines 3a through 3d)
* Important: See Computer-Generated Schedule H in instructions.		Form 1118 (Rev. 12-2013)

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2. Once the last part is done, proceed to type in the relevant details in all these - A B C D E F, Totals add lines A through F, For section b income NOLs income, Rental Royalty and Licensing, a Depreciation Depletion and, b Other Expenses, Definitely Allocable Deductions, c Expenses, Related to Gross, Income From, Performance of, Services, d Other Definitely Allocable, Apportioned Share, and e Total Definitely.

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3. The next step is hassle-free - fill out all the empty fields in Part IForeign Taxes Paid Accrued, Tax Withheld at Source on, Other Foreign Taxes Paid or, Foreign Taxes Paid or Accrued, c Rents Royalties, d Section, e Foreign, and License Fees, b Income, Branch Income, f Services Income, g Other, Credit is Claimed for Taxes check, Paid, and Accrued to complete this process.

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Form 1118 conclusion process described (step 4)

5. To finish your document, the particular segment includes several extra blank fields. Completing functional currency attach schedule, see instructions, Post Foreign Income, Taxes add columns, a and b, Dividends and Deemed Inclusions, a Functional Currency, b US Dollars, Divide Column a by, Multiply column, Column, by column, Section c Limitation, Tax Deemed Paid subtract, and column from column will certainly finalize the process and you're going to be done very fast!

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