Form preview

Get the free Schedule I (Form 1118) (Rev. December 2012) - irs

Get Form
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.
We are not affiliated with any brand or entity on this form

Get, Create, Make and Sign schedule i form 1118

Edit
Edit your schedule i form 1118 form online
Type text, complete fillable fields, insert images, highlight or blackout data for discretion, add comments, and more.
Add
Add your legally-binding signature
Draw or type your signature, upload a signature image, or capture it with your digital camera.
Share
Share your form instantly
Email, fax, or share your schedule i form 1118 form via URL. You can also download, print, or export forms to your preferred cloud storage service.

How to edit schedule i form 1118 online

9.5
Ease of Setup
pdfFiller User Ratings on G2
9.0
Ease of Use
pdfFiller User Ratings on G2
To use the professional PDF editor, follow these steps:
1
Log in to your account. Start Free Trial and sign up a profile if you don't have one yet.
2
Upload a document. Select Add New on your Dashboard and transfer a file into the system in one of the following ways: by uploading it from your device or importing from the cloud, web, or internal mail. Then, click Start editing.
3
Edit schedule i form 1118. Add and replace text, insert new objects, rearrange pages, add watermarks and page numbers, and more. Click Done when you are finished editing and go to the Documents tab to merge, split, lock or unlock the file.
4
Get your file. When you find your file in the docs list, click on its name and choose how you want to save it. To get the PDF, you can save it, send an email with it, or move it to the cloud.
pdfFiller makes working with documents easier than you could ever imagine. Try it for yourself by creating an account!

Uncompromising security for your PDF editing and eSignature needs

Your private information is safe with pdfFiller. We employ end-to-end encryption, secure cloud storage, and advanced access control to protect your documents and maintain regulatory compliance.
GDPR
AICPA SOC 2
PCI
HIPAA
CCPA
FDA

How to fill out schedule i form 1118

Illustration

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.
Fill form : Try Risk Free
Users Most Likely To Recommend - Summer 2025
Grid Leader in Small-Business - Summer 2025
High Performer - Summer 2025
Regional Leader - Summer 2025
Easiest To Do Business With - Summer 2025
Best Meets Requirements- Summer 2025
Rate the form
4.2
Satisfied
39 Votes

For pdfFiller’s FAQs

Below is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.

Schedule I Form 1118 is used by corporations to calculate their foreign tax credit.
Corporations that have paid or accrued foreign taxes are required to file 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.
The purpose of Schedule I Form 1118 is to calculate the foreign tax credit that a corporation can claim.
Information such as foreign taxes paid or accrued, foreign source income, and relevant expenses must be reported on Schedule I Form 1118.
pdfFiller’s add-on for Gmail enables you to create, edit, fill out and eSign your schedule i form 1118 and any other documents you receive right in your inbox. Visit Google Workspace Marketplace and install pdfFiller for Gmail. Get rid of time-consuming steps and manage your documents and eSignatures effortlessly.
When you're ready to share your schedule i form 1118, you can swiftly email it to others and receive the eSigned document back. You may send your PDF through email, fax, text message, or USPS mail, or you can notarize it online. All of this may be done without ever leaving your account.
Easy online schedule i form 1118 completion using pdfFiller. Also, it allows you to legally eSign your form and change original PDF material. Create a free account and manage documents online.
Fill out your schedule i form 1118 online with pdfFiller!

pdfFiller is an end-to-end solution for managing, creating, and editing documents and forms in the cloud. Save time and hassle by preparing your tax forms online.

Get started now
Form preview
If you believe that this page should be taken down, please follow our DMCA take down process here .
This form may include fields for payment information. Data entered in these fields is not covered by PCI DSS compliance.