What is the form used for?
- Corporations use this form to compute their foreign tax credit for certain taxes paid or accrued to foreign countries or U.S. possessions.
Is the form Supported in our program? Yes, desktop business only.
How to access the form: After opening an 1120 C or S type return on the Desktop program, go to Form > Add Form/Display List, and search for 1118
Limits to the form: You can copy the form as many times as needed.
Solution Articles:
Sch J (1118) - Adjustments to Separate Limitation Categories
Sch I (1118) - Reduction of Foreign Oil/Gas Taxes
IRS Publication: https://www.irs.gov/forms-pubs/about-form-1118
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