Can I file Form 5471 electronically?

At this time, we only support the creation and electronic filing of one Form 5471. If the return requires multiple copies of the form, the only option is to manually complete the additional copies and attach them to the return.

Which schedule of Form 5471 is required to be completed for each separate category of income applicable?

Schedule P
Schedule P must be completed by Category 1, Category 4 and Category 5 filers of the Form 5471. However, Category 1 and 5 filers who are related constructive U.S. shareholders are not required to File Schedule P.

What is reported on Form 5471?

Form 5471 Filing. Form 5471 is used to report the activity of the foreign corporation. Though it is only an information return, accurate completion is essential as it is an important IRS tool for determining companies that need to be audited or are subject to Subpart F income.

How do I file Form 5471?

Form 5471 should be filed as an attachment to the taxpayer’s federal income tax, partnership or exempt organization return, and filed by the due date (including extensions) for that return. Failing to timely and accurately file Form 5471 may result in penalties and a reduction to foreign tax credit.

Does TurboTax file form 5471?

Unfortunately, No. Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations is not supported by the TurboTax personal tax preparation software. To attach this form to your personal tax return you must print and mail the tax return.

Do I need to file 5471 every year?

The Category of Filer(s) will determine the Form 5471 filing requirements’ frequency and timing. For example, a Category 5 Filer must file IRS Form 5471 every year.

Does Form 5471 need to be extended?

If a person needs more time to file the Form 5471, they can request an extension. A form 5471 goes on extension when a person files an extension for their tax return. No additional form 7004 is required. If a person misses the deadline for filing the Form 5471, they may be subject to fines and penalties.

Who must file Schedule Q Form 5471?

Separate Schedule(s) Q (Form 5471) are required to be filed only by Category 4, 5a, and 5b filers. It is not required to be filed by Category 1a or 1b filers.

Can Form 5471 be filed separately?

If a filer owns multiple corporations, a separate Form 5471 and all applicable schedules for each applicable foreign corporation is necessary. Be sure to read the information for each category carefully or engage with a tax expert to determine which schedules, statements, and/or information apply.

Do I need to file 5471?

Any U.S. citizen, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, needs to file Form 5471. If you aren’t sure if you qualify, you can see detailed qualifications of who is liable on pages 1-3 of the instructions for Form 5471.

Do I have to file 5471?

Can I file Form 5471 separately?