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  1. Home
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  6. Form 1118 Schedule K

Form 1118 Schedule K

  1. Country USA
  2. Language English
  3. Activity Taxes
  4. Department Internal Revenue Service
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Form 1118 Schedule K

Foreign Tax Carryover Reconciliation Schedule

Rev. December 2018

Schedule K (Form 1118) is a tax form used by corporations for reporting foreign tax carryovers. For tax years beginning in 20XX and ending in 20XX, corporations are required to file a separate Schedule K for each category of income. The form includes sections for reporting foreign tax carryovers from the prior five tax years and adjustments to those carryovers. Corporations must enter the country codes for sanctioned countries or treaty countries as specified in instructions. The form also requires reporting foreign tax carryover used, expired unused, generated, and carried back to previous tax years.

Instructions

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FAQ

  • What is an excess limitation?

    An excess limitation refers to the amount by which a corporation's foreign tax credits exceed its income for the year. If a corporation has excess foreign taxes, it can carry them forward to future years. If not, they are used to reduce the corporation's income tax liability.

  • What is Form 1118, Schedule B, Part II?

    Form 1118, Schedule B, Part II is a form used by corporations to report and claim foreign tax credits. It allows corporations to claim a credit for the amount of income taxes paid or accrued to a foreign country during the tax year. The form has multiple columns that are used to calculate the total foreign tax credit that can be claimed.

  • What is an AMT?

    AMT, or alternative minimum tax, is a separate tax calculation that corporations must perform. It's designed to ensure that corporations pay at least a certain amount of tax regardless of their actual income. An NOL cannot be used to offset an AMT.

  • What is an NOL?

    An NOL, or net operating loss, refers to a corporation's loss from previous years that can be carried forward to offset future years' income. An NOL can only be used to offset income in the same tax year and any remaining amount cannot be carried forward.

  • What is line 4 of Schedule K?

    Line 4 of Schedule K allows a corporation to claim foreign tax credits it can use to offset its US income tax liability. It has multiple columns that correspond to the different foreign taxes paid or accrued during the tax year.

  • What is Form 8971?

    Form 8971, Alternative Minimum Tax Credit, is a form used by corporations to report and claim credits for the alternative minimum tax. It allows corporations to report any AMT credits they may have and claim them against their US income tax liability.

  • What is Form 1116?

    Form 1116, Nonrefundable Credits, is a form used by corporations to report and claim nonrefundable credits. It allows corporations to report any nonrefundable credits they may have, such as the foreign tax credit, and claim them against their US income tax liability.

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ABOUT

Tax forms

Form 1118 Schedule K is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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SEE ALSO
  • Form 4810 - Request for Prompt Assessment Under Internal Revenue Code Section 6501(d)
  • Form 8862 (Spanish Version) - Information To Claim Earned Income Credit After Disallowance (Spanish Version)
  • Form 8928 - Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code
  • Form 8818 - Optional Form To Record Redemption of Series EE and I U.S. Savings Bonds Issued After 1989
  • Form 4219 - Statement of Liability of Lender, Surety, or Other Person for Withholding Taxes
  • Form 14335 - Contact Information for VITA and TCE Grant Programs
  • Form 13751 - Waiver of Right to Consistent Agreement of Partnership Items and Partnership-Level Determinations as to Penalties, Additions to Tax, and Additional Amounts
  • Form 8453-C - U.S. Corporation Income Tax Declaration for an IRS e-file Return
  • Form 4797 - Sales of Business Property (Also Involuntary Conversions and Recapture Amounts Under Sections 179 and 280F(b)(2))
  • Form 2210-F - Underpayment of Estimated Tax by Farmers and Fishermen
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