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Official form guide
Form 1116-SB: 1116 (Schedule B)
IRS Form 1116-SB is used to reconcile prior year foreign tax carryover with current year foreign tax carryover, reporting running balances of foreign tax carryovers. Line 1 requires entering amounts from the appropriate columns of line 8 of the prior year Schedule B.
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IRS Form 1116-SB - 1116 (Schedule B)
IRS Form 1116-SB is used to reconcile prior year foreign tax carryover with current year foreign tax carryover, reporting running balances of foreign tax carryovers. Line 1 requires entering amounts from the appropriate columns of line 8 of the prior year Schedule B.
Risk Radar
Scan points- 1Ensure that Line 3 accurately combines both Line 1 (prior tax carryover) and Line 2 (adjustment amount).
- 2Failing to use a separate Schedule B for each applicable category of income.
- 3Entering amounts on Line 1 without referencing line 8 of the prior year Schedule B.
- 4Incorrectly calculating the adjusted carryover amount on Line 3 (combining lines 1 and 2).
- 5Completing the form using non-English language or non-U.S. dollar amounts.
Plain English
This form helps taxpayers account for taxes they paid to foreign governments that can be used as a credit against their U.S. tax bill. It tracks how much unused foreign tax credit is being carried forward from previous years and how much new credit was generated during the current tax year.
Submission Date
- Filing date: 2023-01-04 22:10:49
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when filing Form 1116 and there is a foreign tax carryover in the prior tax year, current tax year, or both.
- Do not use it for section 951A category income because the carryover provisions of section 904(c) do not apply to foreign taxes assigned to that category.
- Check Form 1116 instead when attaching the Schedule B.
Form selector
Use this form or another form?
Filing a separate record for each distinct source of income
Use a separate Schedule B for every applicable category of income listed on the form.
✓ Check that you have filled out one schedule per income type.
Reconciling foreign tax carryover amounts
The purpose is to reconcile prior year foreign tax carryover with current year foreign tax carryover, reporting running balances of foreign tax carryovers.
✓ Verify the form title matches 'Foreign Tax Carryover Reconciliation Schedule'.
Amending a previous filing for special limitation periods
The reconciliation worksheet should only be used when amending a 2021 foreign tax credit within the special 10-year limitation period.
✓ Confirm that you are using the specialized worksheet only if required by law.
Deadline or filing window
The source does not provide a general filing deadline for Form 1116-SB. However, when amending a 2021 foreign tax credit, the instructions specify using the worksheet within the special 10-year limitation period described in section 6511(d)(3).
Checklist
What you need before filling it out
Line 1: Foreign tax carryover from prior year
Amounts from line 8, appropriate columns of the prior year Schedule B · Instructions p.1
Filing Requirement
The filer must have a foreign tax carryover in the prior tax year, current tax year, or both · Who Must File section
Excess Limitation Calculation
Form 1116, Part III, line 23 vs. sum of lines 9, 12, and 13 on Form 1116 · Instructions p.1 / Definitions section
Section 951A Income
The category must be excluded from completing Schedule B for this form · Instructions p.1
Before you submit
- 1Confirm you must file Schedule B if you have foreign tax carryover in the prior year, current year, or both.
- 2Enter amounts for Line 1 using figures taken directly from line 8 of your previous year's Schedule B.
- 3Verify that Line 3 correctly calculates the adjusted foreign tax carryover by combining the values listed on lines 1 and 2.
- 4Use a separate Schedule B form for each applicable category of income, making sure to check the corresponding box.
How to file this form
- 1Identify all separate categories of income that have a foreign tax carryover in the prior year, current year, or both.
- 2Prepare and complete a separate Schedule B for each applicable category of income identified.
- 3Calculate running balances by populating lines 1 through 8 based on the activity within the current tax year.
- 4Attach all completed Schedule B forms to Form 1116 when filing the return.
Known limitations
- 1Do not complete Schedule B for section 951A category income because the carryover provisions of section 904(c) do not apply to foreign taxes assigned to this category.
- 2If filing Form 1116, a separate Schedule B must be used for each applicable category of income, and only one box should be checked on each schedule.
- 3The total amount entered on line 3, column (xiv), is included on Form 1116, Part III, line 10.
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition of Schedule B (Form 1116) was revised in December 2022. The instructions updated Line 1, requiring filers to enter amounts from the appropriate columns of line 8 of the prior year Schedule B. For the latest information regarding this form, visit IRS.gov/Form1116.
What changed or needs a fresh check
- Edition date — confirm the revision date reads December 2022.
- Form Number — confirm the form number is Form 1116 (Schedule B).
- OMB Control Number — confirm the OMB No. is 1545-0121.
- Attachment requirement — confirm that a separate Schedule B must be attached to Form 1116.
Quick Facts
Downloads
After you file
- 1Keep a complete copy of your filed Form 1116-SB and all supporting documentation in case of future review.
- 2If you are amending a 2021 foreign tax credit, ensure you use the worksheet described within section 6511(d)(3) when filing.
- 3Because specific mailing instructions are not provided, confirm current IRS submission guidelines before sending Form 1116-SB.
- 4Review your records to confirm that running balances of foreign tax carryovers are accurately maintained for subsequent years.
Sources
- SRCInstructions p.1 — If filing Form 1116 and there is a foreign tax carryover in the prior year, current year, or both, you must file Schedule B for that separate category of income.
- SRCInstructions p.1 — Line 1 requires entering amounts from the appropriate columns of line 8 of the prior year Schedule B.
- SRCInstructions p.1 — If your foreign tax credit limitation (Form 1116, Part III, line 23) exceeds your current year foreign taxes available for credit (the sum of Form 1116, Part III, lines 9, 12, and 13), you have an excess limitation.
- SRCInstructions p.1 — If your current year foreign taxes available for credit (the sum of Form 1116, Part III, lines 9, 12, and 13) exceed your foreign tax credit limitation (Form 1116, Part III, line 23), you have excess foreign taxes.
- SRCInstructions p.1 — Do not complete Schedule B for section 951A category income because the carryover provisions of section 904(c) don’t apply to foreign taxes assigned to section 951A category income.
- SRCInstructions p.1 — The total amount on line 3, column (xiv), is included on Form 1116, Part III, line 10.
- SRCForm p.1 — Use a separate Schedule B (Form 1116) for each applicable category of income listed below.
Common confusion points
What do I enter on Line 1?
Enter amounts from the appropriate columns of line 8 of the prior year Schedule B.
How are adjustments needed for carryover calculated?
Include any adjustments required to properly reflect the total carryover amount from the prior tax year that is available for credit in the current tax year, along with a brief description.
When do I have an excess limitation?
This occurs if your foreign tax credit limitation (Form 1116, Part III, line 23) exceeds your current year foreign taxes available for credit (the sum of Form 1116, Part III, lines 9, 12, and 13).
When do I have excess foreign taxes?
This occurs if your current year foreign taxes available for credit (the sum of Form 1116, Part III, lines 9, 12, and 13) exceeds your foreign tax credit limitation (Form 1116, Part III, line 23).
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- For additional information regarding Form 1116, visit IRS.gov/Form1116.
Questions about IRS Form 1116-SB
What is IRS Form 1116-SB used for?
This form helps taxpayers account for taxes they paid to foreign governments that can be used as a credit against their U.S. tax bill. It tracks how much unused foreign tax credit is being carried forward from previous years and how much new credit was generated during the current tax year.
Who must file IRS Form 1116-SB?
Taxpayers must file Schedule B if they are filing Form 1116 and have a foreign tax carryover in the prior tax year, the current tax year, or both.
What information does IRS Form 1116-SB require?
The form collects running balances of foreign tax carryovers. Line 3 calculates the adjusted foreign tax carryover from the prior tax year by combining lines 1 and 2.
When is IRS Form 1116-SB due?
The source does not state a specific due date for filing Schedule B. However, if amending a 2021 foreign tax credit, filers must use the worksheet within the special 10-year limitation period described in section 6511(d)(3).
Where do I file IRS Form 1116-SB?
The official source does not provide specific mailing instructions or service centers for filing Form 1116-SB.
How do I complete IRS Form 1116-SB?
A filer must use a separate Schedule B for each applicable category of income and check the corresponding box. To complete Line 1, enter amounts from line 8 of the prior year Schedule B into the appropriate columns of the current year Schedule B.
What happens if IRS Form 1116-SB is filed incorrectly?
Filing Schedule B is required to carry out the Internal Revenue laws of the United States, and filers are required to give the information on the form.
What do I enter on Line 1?
Enter amounts from the appropriate columns of line 8 of the prior year Schedule B.
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