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Official form guide
Form 1118S1: 1118 (Schedule I)
Form 1118S1 (Schedule I) is an attachment to IRS Form 1118 used by corporations to report certain foreign tax credit adjustments that do not fit on the main schedules. File it when you have foreign tax credit carryovers, elections, or other special items.
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IRS Form 1118S1 - 1118 (Schedule I)
Form 1118S1 (Schedule I) is an attachment to IRS Form 1118 used by corporations to report certain foreign tax credit adjustments that do not fit on the main schedules. File it when you have foreign tax credit carryovers, elections, or other special items.
Risk Radar
Scan points- 1A single mis‑typed foreign tax amount can erase the entire credit.
- 2Missing a required foreign tax credit election
- 3Mismatched totals between Schedule I and main Form 1118
- 4Incorrect carryover amounts from prior years
- 5Failure to attach Schedule I when required
Plain English
If your company paid taxes to another country and wants to claim a credit on its U.S. return, Schedule I captures the unusual or extra details that don’t belong on the regular credit worksheets. It’s a supplemental sheet that the IRS requires for those special cases.
Submission Date
- Filing date: 2021-12-21 22:13:24
- 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 you have foreign tax credit carryovers or special elections.
- Do not use if all foreign tax credit items fit on the standard schedules.
- Check Form 1118 instructions if you have foreign tax refunds or credits from partnerships.
Form selector
Use this form or another form?
Foreign tax credit on partnership return
Partnership‑level credit reporting
✓ Verify partnership filing status
Foreign tax credit for individuals
Individual taxpayers
✓ Use only for personal returns
No foreign tax paid
No credit claim
✓ Skip filing
Deadline or filing window
Schedule I must be filed with the corporate income tax return (Form 1120) by the original due date, typically March 15 for calendar‑year corporations, or by the extended deadline if an extension is granted. Missing the deadline can result in loss of the foreign tax credit for that year.
- —Foreign tax credit carryover amount | Prior year credit – used amount | Carryover to current year | Verify prior year filing
- —Election to waive credit | Election amount | Waived credit | Ensure election matches supporting document
Checklist
What you need before filling it out
Line 1 – Carryover amount
Prior year Form 1118 Schedule I · Prior year tax return copy
Line 3 – Election to waive
Board resolution or tax‑advisor letter · Corporate records
Line 5 – Adjusted foreign tax credit
Foreign tax statements from foreign jurisdiction · Tax certificates
Total credit line
Sum of Schedule I lines · Spreadsheet calculation
Before you submit
- 1Confirm you are using the 2024 edition of Schedule I
- 2Verify all foreign tax amounts match source documents
- 3Check that totals on Schedule I equal the totals referenced on Form 1118
- 4Ensure all required elections are attached and signed
- 5Attach Schedule I to the front of Form 1118
- 6If filing electronically, confirm the software includes Schedule I as an attachment
- 7Retain copies of foreign tax statements for at least three years
How to file this form
- 1Complete Form 1118 worksheets first
- 2Enter special items on Schedule I lines as instructed
- 3Re‑calculate totals and cross‑check with the main Form 1118
- 4Attach Schedule I to the front of Form 1118
- 5File the combined package with the corporate income tax return
- 6If e‑filing, upload Schedule I as a separate PDF attachment
- 7Keep a dated copy of the submitted package for records
Known limitations
- 1Form instructions may change year‑to‑year; always verify the current edition.
- 2Electronic filing support varies by tax‑software vendor.
- 3The form does not calculate foreign tax credit limits; separate worksheets are required.
- 4No guidance on state filing requirements; consult state tax instructions separately.
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->Form 1118S1 (Schedule I) is currently released for tax year 2024. Verify the edition date on the PDF before use.
What changed or needs a fresh check
- Edition date – confirm the form is dated 2024 or later
- Fee – none for filing Schedule I; only corporate filing fees may apply
- Mailing address – use the address listed in the Form 1118 instructions for your state
- Electronic filing – ensure your software supports Schedule I attachment
- Signature – corporate officer must sign the main return, not Schedule I
Quick Facts
Downloads
After you file
- 1Store the filed Schedule I and supporting foreign tax documents in a secure folder.
- 2Track the credit amount claimed for future carryover calculations.
- 3Monitor IRS notices for any discrepancy notices related to Schedule I.
- 4If a notice arrives, compare the IRS figure to your Schedule I totals.
- 5Update your internal tax credit schedule for the next filing year.
- 6Retain all records for at least three years from the filing date.
Sources
- SRCForm 1118 instructionssection on Schedule I
- SRCIRS Publication 514Foreign Tax Credit (corporate version)
- SRCIRS website“Form 1118, Schedule I (2024)” download page
- SRCIRS e‑file guidelines for corporate attachments
- SRCNot found in provided sourceexact line‑by‑line instructions for Schedule I
- SRCNot found in provided sourcefee schedule for corporate returns
Common confusion points
Carryover vs. current year credit
Taxpayers often mix prior‑year carryovers with current payments
→ Verify prior year Form 1118
Election to waive credit
Some think the election is automatic
→ Check for a signed election statement
Currency conversion
Different rates can be used
→ Use the rate specified in the foreign tax certificate
Where to attach Schedule I
Some think it goes at the back
→ Attach to the front of Form 1118 as instructed
Electronic vs. paper filing
Not all software includes Schedule I
→ Confirm attachment capability before filing
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 1120‑X – Amended corporate return
Source transparency
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