
Get the free Schedule I (Form 1118) (Rev. December 2012) - irs
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Internal Revenue Service. Reduction of Foreign Oil and Gas Taxes. Information about Schedule I (Form 1118) and its instructions is at www.irs.gov/ form1118.
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How to fill out schedule i form 1118

How to fill out schedule i form 1118:
01
Obtain a copy of the schedule i form 1118 from the Internal Revenue Service (IRS) website or by requesting it by mail.
02
Fill in your personal information at the top of the form, including your name, Social Security number, and tax year.
03
Review the instructions provided with the schedule i form 1118 to understand the purpose of the form and the specific requirements for completing it.
04
Complete Part I of the form, titled "Tax Computation for Certain Controlled Foreign Corporations." This section requires you to calculate the foreign tax credit limitation for your controlled foreign corporations.
05
Enter the required information for each controlled foreign corporation you have on Part I of the form. This may include details about the corporation's income, taxes paid, and relevant expenses.
06
Move on to Part II of the form, titled "Tax Computation for Individuals." This section focuses on calculating the foreign tax credit limitation for individual taxpayers.
07
Provide the necessary information for each category listed in Part II, which may include details about your foreign income, the foreign taxes paid or accrued, and any expenses related to foreign income.
08
Calculate the foreign tax credit limitation for each category in Part II according to the instructions provided. This will determine the maximum amount of foreign taxes you can claim as a credit against your U.S. tax liability.
09
Complete Part III of the form, titled "Alternative Safe Harbor Limitation." This section allows you to use an alternative method for calculating your foreign tax credit limitation if you meet certain criteria. If applicable, provide the required information and calculate the alternative limitation.
10
Review and double-check all the information you have entered on the schedule i form 1118 to ensure accuracy and completeness.
11
Attach the completed schedule i form 1118 to your individual income tax return when filing with the IRS.
12
Keep a copy of the completed form for your records.
Who needs schedule i form 1118:
01
U.S. taxpayers who have controlled foreign corporations (CFCs) and need to calculate the foreign tax credit limitation for these corporations.
02
Individuals who have foreign income and are eligible to claim a foreign tax credit against their U.S. tax liability.
03
Taxpayers who meet the criteria for using the alternative safe harbor limitation and choose to calculate their foreign tax credit in this manner.
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What is schedule i form 1118?
Schedule I Form 1118 is used by corporations to calculate their foreign tax credit.
Who is required to file schedule i form 1118?
Corporations that have paid or accrued foreign taxes are required to file Schedule I Form 1118.
How to fill out schedule i form 1118?
Schedule I Form 1118 must be filled out with information about the foreign taxes paid or accrued, foreign source income, and other relevant details.
What is the purpose of schedule i form 1118?
The purpose of Schedule I Form 1118 is to calculate the foreign tax credit that a corporation can claim.
What information must be reported on schedule i form 1118?
Information such as foreign taxes paid or accrued, foreign source income, and relevant expenses must be reported on Schedule I Form 1118.
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