Get Form 1118 (rev. December 2013)

Filling out Form 1118 (Rev. December 2013) is essential for corporations looking to claim the foreign tax credit. This guide provides clear, step-by-step instructions to ensure that you complete the form accurately and effectively, even without prior legal experience.

Follow the steps to successfully fill out Form 1118 online.

1. Click ‘Get Form’ button to download the form and open it for editing.
2. Begin by entering the corporation's name, employer identification number, and the tax year for which the form is being filed.
3. Select and check only one box for the applicable category of income, such as Passive Category Income or General Category Income.
4. Proceed to Schedule A and report any foreign income or loss before adjustments on the lines provided, ensuring all amounts are in U.S. dollars.
5. Continue by detailing deductions, including definitely allocable deductions and net operating loss deductions, as applicable.
6. Complete Schedule B by reporting foreign taxes paid, accrued, and deemed paid, ensuring to attach any necessary schedules for detailed amounts.
7. Fill out Schedule C for taxes deemed paid by domestic corporations filing returns related to dividends and deemed inclusions from foreign corporations.
8. If necessary, continue through additional schedules D, E, F, H, and G, applying the same attention to detail on each section.
9. Review all sections for accuracy before proceeding to save, download, print, or share the completed form.

Complete your Form 1118 online today to efficiently claim your foreign tax credits.