Schedule K (Form 1118) Template

Use this schedule to reconcile foreign tax carryovers by income category for Form 1118.

By using this template, you agree to our Template Terms of Use.

Why use a schedule k (form 1118)?

A Schedule K (Form 1118) helps corporations track carryovers from prior years through the current year.

Track carryover years

Record foreign tax carryovers across preceding tax years and the current year.
Show adjustments

Document carryback adjustments and section 905(c) redetermination adjustments.
Connect to Form 1118

Carry the total adjusted amount to Schedule B, Part II, line 5 when required.

This template includes category codes, carryover history, adjustment rows, current-year activity, and totals.

Category and country codes
Fields capture the Form 1118 income category and any sanctioned or treaty country code.
Carryover history
Rows track carryovers from the 10th preceding tax year through the current tax year.
Adjustment rows
Rows capture carryback adjustments, section 905(c) redeterminations, and added descriptions.
Current-year use
Rows record carryover used, expired unused, generated, and carried back in the current year.
Following-year total
Line 8 combines the schedule amounts to show the carryover to the following tax year.
Form 1118 link
The schedule total links to the current year Form 1118, Schedule B, Part II, line 5.