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Official form guide
Form 1118: 1118
Form 1118 is the U.S. corporate income tax return used to claim a foreign tax credit for taxes paid to foreign governments. Corporations file it with their corporate income tax return (Form 1120) to reduce U.S. tax on the same income.
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IRS Form 1118 - 1118
Form 1118 is the U.S. corporate income tax return used to claim a foreign tax credit for taxes paid to foreign governments. Corporations file it with their corporate income tax return (Form 1120) to reduce U.S. tax on the same income.
Risk Radar
Scan points- 1A single mis‑calculated credit can erase the benefit and add penalties.
- 2Misclassifying foreign source income
- 3Using the wrong foreign tax credit limitation worksheet
- 4Omitting required supporting statements
- 5Incorrectly converting foreign currency amounts
Plain English
If your U.S. corporation paid taxes abroad, you can use Form 1118 to ask the IRS to credit those foreign taxes against your U.S. tax bill. The form lines up the foreign tax you paid with the U.S. tax you owe on the same earnings, so you don’t get taxed twice.
Submission Date
- Filing date: 2025-12-22 14:10:35
- 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 when your corporation paid foreign income taxes and wants a credit.
- Do not use for individuals or partnerships; they have separate forms.
- If you only have a foreign tax refund, consider Form 1116 instead.
Form selector
Use this form or another form?
Individual with foreign taxes
Individual credit calculation
✓ Verify filing status
Partnership with foreign taxes
Partnership allocation
✓ Ensure each partner files their own credit
Deadline or filing window
Form 1118 must be filed with the corporate income tax return by the corporate filing deadline (generally April 15 for calendar‑year corporations) or by the extended deadline if an extension is filed. No separate deadline exists for the credit itself.
- —Foreign taxes paid | Sum of all foreign tax payments | Total foreign tax | Verify currency conversion rates
Checklist
What you need before filling it out
Line 1 – Foreign taxes paid
Tax receipts, payment vouchers · Foreign tax authority statements
Line 3 – Foreign source income
Income statements, foreign subsidiary books · Consolidated financials
Currency conversion
Exchange rate documentation · IRS yearly rate tables
Credit limitation worksheet
Computed limitation amount · Worksheet attached to Form 1118
Before you submit
- 1Confirm you are using the 2024 edition of Form 1118.
- 2All foreign tax amounts are converted using the correct IRS rate.
- 3Credit limitation worksheet is attached and totals match line entries.
- 4Supporting foreign tax payment documents are retained for audit.
- 5Form is signed by an authorized corporate officer.
- 6Form 1118 is attached to the paper Form 1120 or included in the e‑file package.
- 7Mailing address matches the corporate return address in the instructions.
How to file this form
- 1Collect foreign tax payment records and exchange‑rate tables.
- 2Complete the credit limitation worksheet for each foreign jurisdiction.
- 3Enter totals on the appropriate lines of Form 1118.
- 4Attach the completed worksheet and any required statements.
- 5Include Form 1118 with the corporate Form 1120 filing.
- 6If e‑filing, upload the PDF as part of the return package.
- 7Verify that the corporate officer’s signature appears on the form.
Known limitations
- 1Form instructions do not provide a built‑in calculator; manual computation is required.
- 2Only corporations can use this form; other entity types must use different forms.
- 3The form does not accept electronic signatures for paper filings.
- 4Foreign tax credit limits are subject to complex IRS regulations not fully detailed on the form.
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.
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Fillable formOpen in Editor->The latest revision of Form 1118 is the 2024 edition, effective for tax years beginning on or after January 1, 2024. Check the IRS website for any interim updates before filing.
What changed or needs a fresh check
- Edition date – verify 2024 edition is attached
- Fee – no filing fee for Form 1118
- Mailing address – use the address listed for corporate returns in the instructions
- Electronic filing – confirm e‑file compatibility with your tax software
- Signature block – corporate officer must sign
Quick Facts
Downloads
After you file
- 1Keep all foreign tax receipts and conversion tables for at least three years.
- 2Store the signed Form 1118 and worksheet with the corporate tax file.
- 3Monitor IRS correspondence for any credit adjustment notices.
- 4If the credit is denied, review the audit trail and consider filing an amended return.
- 5Update internal tax software with the credit amount for future planning.
Sources
- SRCIRS Form 1118 instructionsconfirms purpose and filing requirements.
- SRCIRS Publication 514foreign tax credit for corporations.
- SRCIRS websiteedition date and mailing address for corporate returns.
- SRCForm 1120 filing deadline rulescorporate tax deadline details.
- SRCNot clearly stated in the provided official sourceexact electronic filing compatibility details.
- SRCNot clearly stated in the provided official sourcepenalty amounts for miscalculations.
Common confusion points
Foreign tax vs. foreign tax credit – Ensure you are claiming a credit, not a deduction.
Currency conversion method – IRS requires the yearly average rate unless otherwise specified.
Domestic vs. foreign source income – Misallocation can reduce the allowable credit.
Multiple jurisdictions – Each must be reported separately on the worksheet.
Amended returns – Credits cannot be claimed on an already‑filed return without filing Form 1120X.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 1120X – amended corporate return
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