Schedule J (Form 1118) Template

Use this schedule to adjust separate limitation income and loss categories for Form 1118.

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

Why use a schedule j (form 1118)?

A Schedule J (Form 1118) helps corporations track limitation fractions and loss account balances.

Adjust income categories

Record changes across section 951A, foreign branch, passive, general, and other income.
Calculate limitation numerators

Combine losses, allocations, recapture, and recharacterization amounts by category.
Track loss balances

Show year-end overall foreign loss and overall domestic loss account balances.

This template includes limitation income adjustments, recharacterization balances, and loss account sections.

Income adjustment table
Part I records separate limitation income or loss before and after required adjustments.
Loss allocations
Rows capture allocations of separate limitation losses, overall foreign losses, and domestic losses.
Recharacterization details
Rows record recharacterization of separate limitation income and related category amounts.
Limitation numerator
Line 11 carries the numerator of the limitation fraction to Schedule B, Part II, line 7.
Future income balances
Part II records year-end balances of income that must be recharacterized.
Loss account balances
Parts III and IV track overall foreign loss and overall domestic loss account balances.