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Official form guide
Form 1117: Income Tax Surety Bond
DEPARTMENT OF THE TREASURY - INTERNAL REVENUE SERVICE Form 1117 is an Income Tax Surety Bond used for Foreign Taxes Reported as Credit by an Individual or a Domestic Corporation Under Section 901 of the Internal Revenue Code.
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IRS Form 1117 - Income Tax Surety Bond
DEPARTMENT OF THE TREASURY - INTERNAL REVENUE SERVICE Form 1117 is an Income Tax Surety Bond used for Foreign Taxes Reported as Credit by an Individual or a Domestic Corporation Under Section 901 of the Internal Revenue Code.
Risk Radar
Scan points- 1Failure to pay any additional tax due as a result of redetermination keeps the bond obligation in effect.
- 2Filing without specifying the correct calendar or fiscal year dates.
- 3Omitting the required signatures from the surety or sureties.
- 4Failure to specify the exact dollar amount of the bond being given.
- 5Not having the document approved by the District Director.
Plain English
This form establishes a financial guarantee, known as a surety bond, to the United States government. It is required when an individual or corporation claims foreign taxes as a credit against their U.S. tax bill. The purpose of the bond is to ensure that if the IRS later determines that the claimed credits were incorrect, there are sufficient funds available to cover any resulting unpaid taxes.
Submission Date
- Filing date: 2013-11-13 00:00:00
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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Glossary Terms
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What this form is for
- Use this form when an individual or domestic corporation must report foreign taxes as a credit under Section 901 of the Internal Revenue Code.
- Do not use it if the filing is not related to supporting credits for income, war profits, or excess profits taxes accrued in foreign countries or U.S. possessions.
- Check Form 1116 or Form 1118 instead when reporting the specific tax types that may necessitate this bond.
Form selector
Use this form or another form?
Filing required credits for foreign income
These forms report tax credits that may trigger the requirement for a surety bond.
✓ Check before you continue
Filing excess or war profits taxes
This form reports specific types of profits whose associated credits require bonding support.
✓ Check before you continue
Supporting foreign tax credits
The source indicates this bond supports credits reported by filing Form 1116 or 1118.
✓ Check before you continue
Deadline or filing window
Not stated in the official source.
Checklist
What you need before filling it out
Principal's Name
The name of the entity or individual giving the bond · Form 1117, [Form p.1]
Surety/Sureties Name
The names of the individuals providing the guarantee (surety) · Form 1117, [Form p.1]
Bond Amount ($)
The specific dollar amount of the bond obligation · Form 1117, [Form p.1]
Basis for Bond
Confirmation that the principal filed Form 1116 or 1118 to support foreign credits · Form 1117, [Form p.1]
Before you submit
- 1Confirm the form specifies the type of tax credit being supported (Foreign Taxes Reported as Credit under Section 901).
- 2Verify that the principal and surety/sureties are correctly identified on Form 1117.
- 3Ensure the bond amount in dollars ($) is accurately filled out, reflecting the required obligation.
- 4Confirm the stated reason for the bond includes filing of either Form 1116 or Form 1118 for the tax year.
- 5Check that all parties (Principal, Surety, and District Director) have signed and dated the form.
- 6Verify that the time period covered by the bond is specified using both a beginning and ending month/year.
- 7Confirm understanding of Section 905(c), which requires notification if reported credits differ from amounts ultimately paid or refunded.
How to file this form
- 1Determine if a surety bond is needed because the principal filed Form 1116 or Form 1118 to support foreign credits.
- 2Complete the Principal's information, listing the required dollar amount for the surety bond.
- 3Obtain signatures from the Principal, Sureties, and the District Director on the form.
- 4File the fully executed Form 1117 with the Internal Revenue Service office that approved the bond.
Known limitations
- 1The bond is specifically for Foreign Taxes Reported as Credit by an Individual or a Domestic Corporation Under Section 901 of the Internal Revenue Code.
- 2If the amount of tax reported as credits differs from the amount ultimately paid (or if any tax paid is refunded), the principal must follow IRC section 905(c) and notify the District Director for redetermination.
- 3The bond obligation will be null and void only when the principal pays any additional tax due as a result of the redetermination, plus interest, and otherwise follows all Internal Revenue Code provisions.
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 official source provides excerpts from Form 1117 (Rev. 1-1981) and does not indicate a current revision date or recent changes.
What changed or needs a fresh check
- Edition date — confirm the revision reads 1-1981.
- Fee — Not stated in the official source.
- Mailing address — Not stated in the official source.
- Signature — Confirm all required signatures (Principal, Surety, District Director) are present on the form.
Quick Facts
Downloads
After you file
- 1Keep a copy of the fully executed Form 1117 for records.
- 2If the District Director requires the bond, ensure that payment of any additional tax due (plus interest) is documented to nullify the obligation.
- 3The principal must follow all provisions of the Internal Revenue Code and its regulations after filing this form.
- 4The original Form 1117 should be retained as evidence of compliance with the surety requirement.
Sources
- SRCForm p.1 — The form is for Foreign Taxes Reported as Credit by an Individual or a Domestic Corporation Under Section 901 of the Internal Revenue Code.
- SRCForm p.1 — This bond supports credits for income, war profits, or excess profits taxes accrued but not paid to foreign countries or to possessions of the United States.
- SRCForm p.1 — The District Director may require a principal to give a bond before allowing these credits.
- SRCForm p.1 — Internal Revenue Code section 905(c) requires the principal to notify the District Director if tax reported as credits differs from the amount ultimately paid or if any tax paid is refunded.
- SRCForm p.1 — The principal must pay any tax due as a result of the redetermination upon notice and demand by the District Director.
- SRCForm p.1 — If the principal pays additional tax due plus interest, this obligation will be null and void.
Common confusion points
Who is responsible for paying if there is a discrepancy?
The Principal is jointly and severally obligated to pay the tax due, even if guaranteed by the Surety.
→ Confirm that both Principal and Surety acknowledge this joint liability.
Does the bond cover all taxes paid abroad?
No; it specifically covers foreign taxes reported as credits under Section 901 of the Internal Revenue Code.
→ Limit your scope check to only Section 901 related credits.
How does the bond end?
The obligation becomes null and void only after the principal pays any additional tax due plus interest, and follows all IRC provisions.
→ Do not assume the bond expires simply because a payment was made; follow the redetermination process.
Must I file this form if my credits are small?
The District Director may require the principal to give a bond in an amount specified, regardless of credit size.
→ If the District Director demands it, filing is mandatory before allowing credits.
What does 'jointly and severally' mean on this form?
It means that both the Principal and Surety are individually responsible for the full payment of the guaranteed amount.
→ Understand that failure by one party to pay does not release the other from liability.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Internal Revenue Code section 905(c) governs the requirement for redetermination if reported credits differ from amounts paid, potentially triggering this bond.
Questions about IRS Form 1117
What is IRS Form 1117 used for?
This form establishes a financial guarantee, known as a surety bond, to the United States government. It is required when an individual or corporation claims foreign taxes as a credit against their U.S. tax bill. The purpose of the bond is to ensure that if the IRS later determines that the claimed credits were incorrect, there are sufficient funds available to cover any resulting unpaid taxes.
Who must file IRS Form 1117?
Individuals or domestic corporations must file Form 1117 when reporting foreign taxes as credits under Section 901 of the Internal Revenue Code.
What information does IRS Form 1117 require?
The form collects identification details for the principal and the surety or sureties, specifies the dollar amount of the bond, and requires specifying the calendar year or fiscal year to which the bond applies.
How do I complete IRS Form 1117?
The form requires the principal and the specified surety or sureties to sign it. The bond is only finalized when it is approved by the District Director, who signs the document.
What happens if IRS Form 1117 is filed incorrectly?
If the principal fails to pay any additional tax due as a result of redetermination, plus interest, the surety obligation remains in effect.
Who is responsible for paying if there is a discrepancy?
The Principal is jointly and severally obligated to pay the tax due, even if guaranteed by the Surety. Confirm that both Principal and Surety acknowledge this joint liability.
Does the bond cover all taxes paid abroad?
No; it specifically covers foreign taxes reported as credits under Section 901 of the Internal Revenue Code. Limit your scope check to only Section 901 related credits.
How does the bond end?
The obligation becomes null and void only after the principal pays any additional tax due plus interest, and follows all IRC provisions. Do not assume the bond expires simply because a payment was made; follow the redetermination process.
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