Federal Foreign Tax Carryover Reconciliation Schedule

Foreign Tax Carryover Reconciliation Schedule
Schedule K (Form 1118) (Rev. December 2018)SCHEDULE K
(Form 1118)
(Rev. December 2018)

Foreign Tax Carryover Reconciliation Schedule
For calendar year 20

, or other tax year beginning

, 20

, and ending

Foreign tax carryover from the prior tax
year (enter amounts from the
appropriate columns of line 8 of the
prior year Schedule K (see instructions))

2

Adjustments to line 1 (enter description
—see instructions):
a

Carryback adjustment
(see instructions)

b

Adjustments for section 905(c)
redeterminations (see instructions)

OMB No. 1545-0123

Employer identification number

Use a separate Schedule K (Form 1118) for each category of income (see instructions).
a Separate Category (enter code—see instructions) . . . . . . . . . . . . . . . . .
b If code 901j is entered on line a, enter the country code for the sanctioned country (see instructions)
c If code RBT is entered on line a, enter the country code for the treaty country (see instructions) . .

1

.

separate instructions.
▶ Attach to Form 1118.
▶ Go to www.irs.gov/Form1118 for instructions and the latest information.

Department of the Treasury
Internal Revenue Service
Name of corporation

Foreign Tax Carryover
Reconciliation

, 20

▶ See

(i)
10th Preceding
Tax Year

(ii)
9th Preceding
Tax Year

(iii)
8th Preceding
Tax Year

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.

.
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.

.
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.

(iv)
7th Preceding
Tax Year

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.

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.

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.

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.

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(v)
6th Preceding
Tax Year

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.
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▶
▶
▶

(vi)
5th Preceding
Tax Year

(vii)
Subtotal
(add columns (i)
through (vi))

c
d
e
f
g
3

Adjusted foreign tax carryover from
prior tax year (combine lines 1 and 2)

4

Foreign tax carryover used in current
tax year (enter as a negative number)

5

Foreign tax carryover expired unused
in current tax year (enter as a negative
number)

6

Foreign tax carryover generated in
current tax year

7

Actual or estimated amount of line 6 to
be carried back to prior tax year (enter
as a negative number)

8

Foreign tax carryover to the following
tax year. Combine lines 3 through 7.

For Paperwork Reduction Act Notice, see the Instructions for Form 1118.

Cat. No. 51904R

Schedule K (Form 1118) (Rev. 12-2018)

Page 2

Schedule K (Form 1118) (Rev. 12-2018)

Foreign Tax Carryover
Reconciliation (continued)
1

Foreign tax carryover from the prior tax
year (enter amounts from the
appropriate columns of line 8 of the
prior year Schedule K (see instructions))

2

Adjustments to line 1 (enter
description—see instructions):
a

Carryback adjustment
(see instructions)

b

Adjustments for section 905(c)
redeterminations (see instructions)

(viii)
Subtotal from page 1
(enter the amounts from
column (vii) on page 1)

(ix)
4th Preceding
Tax Year

(x)
3rd Preceding
Tax Year

(xi)
2nd Preceding
Tax Year

(xii)
1st Preceding
Tax Year

(xiii)
Current
Tax Year

(xiv)
Totals
(add columns (viii)
through (xiii))

c
d
e
f
g
3

Adjusted foreign tax carryover from
prior tax year (combine lines 1 and 2).
Include the column (xiv) total on the
current year Form 1118, Schedule B,
Part II, line 5.

4

Foreign tax carryover used in current
tax year (enter as a negative number)

5

Foreign tax carryover expired unused
in current tax year (enter as a negative
number)

6

Foreign tax carryover generated in
current tax year

7

Actual or estimated amount of line 6 to
be carried back to prior tax year (enter
as a negative number)

8

Foreign tax carryover to the following
tax year. Combine lines 3 through 7.
Schedule K (Form 1118) (Rev. 12-2018)

Extracted from PDF file 2023-federal-1118-schedule-k.pdf, last modified December 2018

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More about the Federal 1118 (Schedule K) Corporate Income Tax TY 2023

We last updated the Foreign Tax Carryover Reconciliation Schedule in February 2024, so this is the latest version of 1118 (Schedule K), fully updated for tax year 2023. You can download or print current or past-year PDFs of 1118 (Schedule K) directly from TaxFormFinder. You can print other Federal tax forms here.

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Form Sources:

The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal 1118 (Schedule K) from the Internal Revenue Service in February 2024.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Federal 1118 (Schedule K)

We have a total of eleven past-year versions of 1118 (Schedule K) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 1118 (Schedule K)