Tax Form 1118i Fill in and Calculate Online

Form 1118i: Reduction of Foreign Oil and Gas Taxes

Use Tax Form 1118i: Reduction of Foreign Oil and Gas Taxes as a stand alone tax form calculator to quickly calculate specific amounts for your 2024 tax return. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.

Reduction of Foreign Oil and Gas Taxes
Use a separate Schedule I (Form 1118) for each applicable category of income listed below. Check only one box on each schedule.
Passive Category Income			Section 901(j) Income: Name of Sanctioned Country ▸
General Category Income			Income Re-sourced by Treaty: Name of Countrys ▸
Report all amounts in U.S. dollars.
Part I Combined Foreign Oil and Gas Income and Taxes
	1. Name of foreign country (Use a separate line for each country.)*	Gross Foreign Oil and Gas Income From Sources Outside the United States and its Possessions (see instructions)
		2. Gross foreign oil and gas extraction income	3. Gross foreign oil related income	4. Certain dividends from foreign corporations	5. Constructive distributions under section 951(a)	6. Other	7. Total (add columns 2 through 6
A
B
C
D
E
F
Totals (add lines A through F)
* For section 863(b) income, use a single line (see instructions).
	Deductions			11. Taxable income (column 7 minus column 10)	Foreign Oil and Gas Taxes (attach schedule)
	8. Definitely allocable deductions	9. Apportioned deductions not definitely allocable	10. Total (add columns 8 and 9)	11. Taxable income (column 7 minus column 10)	12. Paid or accrued	13. Deemed paid	14. Total (add columns 12 and 13)
A
B
C
D
E
F
Totals
Part II Reduction Under Section 907(a)
1	Combined foreign oil and gas income. (See the instructions for line 1 below.)
2	Multiply line 1 by the highest rate of tax under section 11(b). (See the instructions for line 2 below.)
3	Total taxes (from Part I, column 14, “Totals” line)
4	Reduction (subtract line 2 from line 3; if zero or less, enter -0-). Enter here and on Schedule G, line B of the corresponding Form 1118
Part III Foreign Oil and Gas Taxes Available For Use in the Current Tax Year
1	Excess section 907(a) limitation. Subtract Schedule I, Part II, line 3 from line 2. If zero or less, enter -0- and do not complete the remainder of Part III
2	Enter the sum of any carryover of foreign oil and gas tax to the current year. Attach a schedule showing the computation in detail
3	Enter the smaller of lines 1 and 2 here and include on Schedule B, Part II, line 5

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