Get the free Schedule I (Form 1118)

This form is used to report foreign oil and gas extraction income and the associated taxes for corporations. It details gross income from extraction sources outside the U.S., deductions, and calculations

How to fill out schedule i form 1118

How to fill out Schedule I (Form 1118)

1. Download or obtain Schedule I (Form 1118) from the IRS website.
2. Begin with Part I: Identifying Information. Fill in the taxpayer’s name, address, and Employer Identification Number (EIN).
3. Move on to Part II: Foreign Tax Paid. Report the total foreign taxes you’ve paid or accrued during the tax year.
4. Proceed to Part III: Income from Foreign Sources. Enter the amounts of income sourced from foreign countries.
5. In Part IV: Other Information, provide any additional information required based on your specific tax situation.
6. Review all information for accuracy and make any necessary corrections.
7. Submit the completed Schedule I (Form 1118) along with the appropriate tax return.

Who needs Schedule I (Form 1118)?

1. Corporations that paid foreign taxes and are claiming a foreign tax credit must file Schedule I (Form 1118).
2. U.S. tax-exempt organizations, foreign corporations, and partnerships that have foreign income may also need to file this form.

People Also Ask about

What is the penalty for filing form 1118?

Filing Form 1118 is voluntary: there are no penalties for not filing, but corporations might miss out on potential tax credits.

How to suppress form 1118?

Within the 1120 tax return, there is no option to suppress Form 1118 - Foreign Tax Credit. To remove it, whatever information was entered to generate the form needs to be removed.

What is the penalty for filing 1040NR?

Penalties for Failure to File IRS Form 1040NR You may be subject to the failure to file penalty and the failure to pay penalty. Both penalties impose a fine that's 5% of your unpaid taxes, up to 25%. That means that nonresident aliens may have to pay fines equal to 50% of their unpaid taxes.

What is the penalty for filing a late S Corp return?

S Corp Failure-to-File Penalty The penalty for failure to file a federal S corporation tax return on Form 1120S -- or failure to provide complete information on the return -- is $195 per shareholder per month. The penalty can be assessed for a maximum of 12 months.

What is the penalty for filing the federal excise tax?

The IRS imposes penalties for failing to file federal excise tax (FET) on time each quarter, based on the nature of your business. The penalty is calculated as 5% of the unpaid tax for each month the filing is late, up to a maximum of 25% of the total tax due.

What is a Schedule I form 1118?

Use Schedule I (Form 1118), (a separate schedule) to compute reductions of taxes paid, accrued, or deemed paid on foreign oil and gas income.

What is the penalty for failing to report fatca?

If you must file Form 8938 and do not do so, you may be subject to penalties: a $10,000 failure to file penalty, an additional penalty of up to $50,000 for continued failure to file after IRS notification, and a 40 percent penalty on an understatement of tax attributable to non-disclosed assets.

What is a 1041 Schedule I form?

Schedule I (Form 1041) contains adjustments and tax preference items that are treated differently for regular tax and AMT purposes. If you, as fiduciary for the estate or trust, completed a form to figure an item for regular tax purposes, you may have to complete it a second time for AMT purposes.

For pdfFiller’s FAQs

What is Schedule I (Form 1118)?

Schedule I (Form 1118) is a tax form used by U.S. corporations to claim a foreign tax credit for foreign income taxes paid or accrued, allowing them to avoid double taxation on income earned abroad.

Who is required to file Schedule I (Form 1118)?

U.S. corporations that have foreign income and are claiming a foreign tax credit on their corporate income tax return (Form 1120) are required to file Schedule I (Form 1118).

How to fill out Schedule I (Form 1118)?

To fill out Schedule I (Form 1118), a corporation must gather information on foreign taxes paid, categorize the income from foreign sources, and complete the schedule by reporting the relevant amounts in the appropriate sections according to the instructions provided with the form.

What is the purpose of Schedule I (Form 1118)?

The purpose of Schedule I (Form 1118) is to calculate the foreign tax credit that the corporation is eligible for and to ensure that the corporation is only taxed on its U.S. income without being taxed again on foreign income.

What information must be reported on Schedule I (Form 1118)?

Schedule I (Form 1118) requires reporting information such as the total foreign taxes paid or accrued, the types of foreign income, and the allocation of these amounts to different categories based on the type of income and tax.