Get the free 2002 form 1118

Cat. No. 10900F Rev. 2-2002 Form 1118 Rev. 2-2002 Page Part I Foreign Taxes Paid Accrued and Deemed Paid See page 5 of instructions. Form Foreign Tax Credit Corporations Rev. February 2002 Internal Revenue Service Department of the Treasury and ending or other tax year beginning For calendar year 20 OMB No. 1545-0122 Attach to the corporation s tax return. See separate instructions. Name of corporation Employer identification number Use a separa...

How to fill out 2002 form 1118

How to fill out 2002 form 1118:

1. Begin by obtaining a copy of the 2002 form 1118 from the official Internal Revenue Service (IRS) website or by visiting a local IRS office.
2. Carefully read the instructions provided with the form to familiarize yourself with the requirements and necessary information.
3. Start by entering your name, Social Security number, and other personal identification details in the appropriate sections of the form.
4. Next, input the amounts of foreign income tax paid or accrued, as well as information related to foreign tax credits, in the designated sections.
5. Include any deductions, exemptions, or adjustments relevant to the form, ensuring accurate calculations and documentation.
6. Review the filled form for any errors or missing information to ensure its completeness and accuracy.
7. Once you are satisfied with the form's accuracy, sign and date it before submitting it to the IRS.

Who needs 2002 form 1118:

1. US taxpayers who are individuals, estates, or trusts that have paid or accrued foreign taxes on foreign-sourced income may need to fill out the 2002 form 1118.
2. This form is specifically required for individuals or entities seeking to claim a credit for foreign taxes paid or accrued against their US tax liability.
3. The form is necessary to report and calculate the allowable amount of foreign tax credit, which reduces the total US income tax liability of eligible taxpayers with foreign-sourced income.
4. If you fall into this category and meet the requirements outlined in the IRS instructions for form 1118, you will need to complete and submit this form along with your tax return.

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What is form 1118?

Form 1118 is the Foreign Tax Credit—Corporations form. It is used by corporations to claim a tax credit for income taxes paid or accrued to foreign countries or U.S. possessions.

Who is required to file form 1118?

Domestic corporations or entities treated as domestic corporations for U.S. tax purposes that paid or accrued income taxes to foreign countries or U.S. possessions are required to file form 1118.

How to fill out form 1118?

To fill out form 1118, you need to provide information about your foreign source income, allowable taxes, and other relevant details. The form includes various sections where you report income, taxes paid, and calculate the foreign tax credit.

What is the purpose of form 1118?

The purpose of form 1118 is to compute and claim the foreign tax credit, which reduces the U.S. tax liability for income taxes paid to foreign countries or U.S. possessions.

What information must be reported on form 1118?

Form 1118 requires reporting of your foreign source income, taxes paid or accrued, foreign tax carryovers, and any related calculations necessary to determine the foreign tax credit.