Sch I (1118) - Reduction of Foreign Oil/Gas Taxes

What is the form used for? :

• If the corporation claims credit for any income taxes paid, accrued, or deemed paid during the tax year on combined foreign oil and gas income, the amount of such taxes eligible for credit may be reduced.

Is the form Supported in our program? Yes

How to access the form: To access the form, you will need to open a Business return on the desktop and then go to Add Form/Display, and type 1118.

Limits to the form: This form can only be accessed from the desktop software. This form cannot be copied.

IRS Publication: https://www.irs.gov/pub/irs-pdf/f1118s1.pdf