Get the free form 1118 2012 - irs

Form (Rev. December 2011) Department of the Treasury Internal Revenue Service Name of corporation 1118 Foreign Tax Credit--Corporations See separate instructions. Attach to the corporation's tax return.

How to fill out form 1118 2012

1. To fill out form 1118 2012, you need to gather all relevant financial information for the year in question.
2. Start by providing your name, address, and other personal details as required in the form.
3. Report your total taxable income from all sources, including any foreign dividends, interest, and capital gains.
4. Fill in the details of any foreign taxes paid or accrued during the tax year.
5. Calculate your foreign tax credit using the appropriate tax rates and enter the amount in the designated section.
6. Indicate any carryovers or carrybacks of foreign taxes from previous years, if applicable.
7. Report any foreign source income that is exempt from U.S. taxation.
8. Include the necessary supporting documents, such as schedules and statements, to substantiate your claims.
9. Review the completed form for accuracy and completeness before submitting it to the Internal Revenue Service (IRS).

Who needs form 1118 2012?

1. Form 1118 2012 is required for U.S. taxpayers who are claiming a foreign tax credit on their income tax returns.
2. It is specifically designed for individuals and corporations who have paid or accrued foreign taxes on income that is also subject to U.S. taxation.
3. By filing form 1118 2012, eligible taxpayers can offset their U.S. tax liability with the foreign taxes paid, thereby avoiding double taxation.

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What is form 1118?

Form 1118 is used by certain corporations to compute and claim a foreign tax credit against their U.S. income tax liability on their share of foreign income taxes paid or accrued.

Who is required to file form 1118?

U.S. corporations, partnerships, and individuals who are shareholders of foreign corporations are required to file form 1118 if they meet certain criteria, such as having paid or accrued foreign income taxes.

How to fill out form 1118?

Form 1118 requires taxpayers to provide information about their foreign income, foreign taxes paid or accrued, and various adjustments and calculations. It is important to carefully review the instructions provided by the IRS and consult with a tax professional if necessary.

What is the purpose of form 1118?

The purpose of form 1118 is to allow taxpayers to claim a foreign tax credit for taxes paid or accrued to foreign countries or U.S. possessions, thereby avoiding double taxation on foreign income.

What information must be reported on form 1118?

Form 1118 requires taxpayers to report their foreign income, foreign taxes paid or accrued, and various adjustments and calculations. This includes information such as the country or U.S. possession where the income was earned, the amount of foreign income taxes paid or accrued, and the applicable tax rate.