Form 1118 Template

Use this form to calculate a corporation’s foreign tax credit and attach it to the tax return.

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

Why use a Form 1118?

A Form 1118 helps corporations organize foreign income, taxes, deductions, and credit limits.

Separate income categories

Use separate forms for applicable income categories and related country codes.
Calculate corporate credits

Combine foreign taxes, deemed paid taxes, deductions, and limitation amounts.
Summarize final credit

Summarize separate category credits and the total foreign tax credit for the return.

This template includes corporate details, income schedules, tax credit schedules, and deduction sections.

Corporate information
Fields capture the corporation name, employer identification number, tax year, and category code.
Schedule A income
Schedule A reports foreign income or loss, allocable deductions, and total income before adjustments.
Schedule B credit
Schedule B records foreign taxes paid, accrued, deemed paid, and the separate credit calculation.
Deemed paid schedules
Schedules C through F capture deemed paid tax details tied to foreign corporations and distributions.
Reduction information
Schedule G captures reduction amounts and other information used in the credit calculation.
Deduction schedules
Schedule H captures research and experimental deductions, asset-based deductions, and other deductions.