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Generating Form 5471, Information Return of U.S. Persons in Lacerte

by Intuit• Updated 1 month ago

This article will assist you with generating and completing Form 5471, Information Return of U.S. Persons in Lacerte.

The Category of Filer checkboxes control which schedules on the form are completed. A filer may fit into more than one category, in which case you'll need to check more than one box. See the table at the end of this article for information about which schedules should be completed for each category.

Follow these steps to generate and complete Form 5471 in the program:

  1. Go to Information Return of U.S. Filer screen for your tax type:
    • Screen 68 (Individual)
    • Screen 48.1 (Partnership)
    • Screen 63.1 (Corporate)
    • Screen 56.1 (S-Corporate)
    • Screen 66.1 (Fiduciary)
    • Screen 81.1 (Exempt Organization)
  2. Complete the applicable information under the Filer's Information section:
    • Name of person filing Form 5471
    • Street address
    • City
    • State (if U.S. address)
    • ZIP code (if U.S. address)
    • Region (if foreign address)
    • ZIP code (if foreign address)
    • Country (if foreign address)
    • Identifying number
    • Annual tax year beginning
    • Annual tax year ending
  3. Mark any applicable Category filer checkboxes.
    • If checking the Category 3 filer box, hold down Ctrl+E in Category 3 filers- additional filing requirements and complete any applicable fields.
  4. Enter the Percentage of foreign corporation's voting stock (xxx.xxxx).
    •  This amount will print on Form 5471, page 1, question C.
  5. Under the Translation Rates subsection, enter the Average and Year end fields.
    •  You can refer to this rate when completing Schedule C, Schedule F and Schedule M for category 3 and 4 filers.
  6. Check the box labeled DASTM, if applicable.
    • Check this box if the foreign corporation uses the U.S. dollar approximate separate transactions methods (DASTM) under Regulations section 1.985-3. Lacerte will carry from Schedule C, line 21 to Schedule H, line 1.
    • DASTM will also print on Schedule C and Schedule F to indicate this method of filing.
  7. Check the box labeled Dormant foreign corporation to indicate a summary of filing procedure for a dormant foreign corporation.
    • Only page 1 of Form 5471 will generate.
  8. Enter the If name change, previous name field, if applicable.
  9. Complete Part H - Person(s) on whose behalf this information return is filed subsection.
  10. Scroll down to the Foreign Corporation Information section and complete any applicable fields:
    • Name
    • Street address
    • City
    • State (if U.S. address)
    • ZIP code (if U.S. address)
    • Region (if foreign address)
    • ZIP code (if foreign address)
    • Country (if foreign address)
    • Employer ID Number
    • Reference ID Number
    • Country under whose laws incorporated
    • Date of incorporation
    • Principal place of business
    • Principal business activity code number (Ctrl+T)
    • Principal business activity
    • Functional currency
  11. Complete the Branch Office or Agent in the U.S. subsection.
  12. Complete the Foreign Corporation's Statutory or Resident Agent in Country of Incorporation subsection.
  13. Complete the Person(s) with Custody of Books and Records subsection.
  14. Select the applicable categories for the filer below for further instructions on this screen.
  1. Select Schedule G - Other Information from the lower-left Sections box.
  2. Complete any applicable fields with information for Schedule G.
  3. Select Sch. O - Part I U.S. Officers and Directors from the top left 5471 box.
  4. Complete any applicable fields with information for Schedule O, Part I.
    • Click Add from the lower-left navigation panel to add additional officers and directors
  1. Select Schedule A - Stock of Foreign Corporation from the lower-left Sections box.
  2. Enter the Stock Information (Ctrl+E).
  3. Select Sch. B - U.S. Shareholder of Foreign Corporation from the top left 5471 box.
  4. Complete any applicable fields with information for Schedule B.
    • Click Add from the lower-left navigation panel to add additional shareholders.
  5. Select Information of U.S. Persons from the top left 5471 box.
  6. Select Schedule C - Income Statement from the lower-left Sections box.
  7. Complete any applicable fields with information for Schedule C.
  8. Select Schedule E - Income, War Profits, and Excess Profits Taxes Paid or Accrued from the top left 5471 box.
  9. Complete any applicable fields with information for Schedule E.
  10. Select Information of U.S. Persons from the top left 5471 box.
  11. Select Schedule F - Balance Sheet from the lower-left Sections box.
  12. Complete any applicable fields with information for Schedule F.
  13. Select Schedule G - Other Information from the lower-left Sections box.
  14. Complete any applicable fields with information for Schedule G.
  15. Select Sch. O - Part II Sec. A U.S. Shareholder from the top left 5471 box.
  16. Complete any applicable fields with information for Schedule O, Part II, Section A
    • Click Add from the lower-left navigation panel to add additional shareholders.
  17. Select Sch. O - Part II Sec. B Officers/Directors from the top left 5471 box.
  18. Complete any applicable fields with information for Schedule O, Part II, Section B.
    • Click Add from the lower-left navigation panel to add additional officers and directors.
  19. Select Sch. O - Part II Sec. C/D Acquisition/Disposition of Stock from the top left 5471 box.
  20. Complete any applicable fields with information for Schedule O, Part II, Section C/D.
    • Click Add from the bottom left navigation panel to add additional acquisition/disposition of stocks.
  21. Click on Sch. O - Part II Sec. E Organization or Reorganization of Foreign Corporation from the left navigation panel.
  22. Complete any applicable fields with information for Schedule O, Part II, Section E. 
    • Click Add from the lower-left navigation panel to add additional organization or reorganization of foreign corporation .
  1. Select Schedule A - Stock of Foreign Corporation from the lower-left Sections box.
  2. Enter the Stock Information (Ctrl+E).
  3. Select Sch. B - U.S. Shareholder of Foreign Corporation from the top left 5471 box.
  4. Complete any applicable fields with information for Schedule B.
    • Click Add from the lower-left navigation panel to add additional shareholders.
  5. Select Information of U.S. Persons from the top left 5471 box.
  6. Select Schedule C - Income Statement from the lower-left Sections box.
  7. Complete any applicable fields with information for Schedule C.
  8. Select Schedule E - Income, War Profits, and Excess Profits Taxes Paid or Accrued from the top left 5471 box.
  9. Complete any applicable fields with information for Schedule E.
  10. Select Information of U.S. Persons from the top left 5471 box.
  11. Select Schedule F- Balance Sheet from the lower-left Sections box.
  12. Complete any applicable fields with information for Schedule F.
  13. Select Schedule G - Other Information from the lower-left Sections box.
  14. Complete any applicable fields with information for Schedule G.
  15. Select Schedule H- Current Earnings and Profits from the top left 5471 box.
  16. Complete any applicable fields with information for Schedule H.
  17. Select Sch. I - Shareholder's Income from Foreign Corporation from the top left 5471 box.
  18. Complete any applicable fields with information for Schedule I.
    • Click Add from the lower-left navigation panel to add additional shareholders.
  19. Select Schedule J - Accumulated E&P of Controlled Foreign Corporation from the top left 5471 box.
  20. Complete any applicable fields with information for Schedule J.
  21. Select Information of U.S. Persons from the top left 5471 box.
  22. Select Schedule M - Transactions Between CFC and Shareholders or Other Related Persons from the lower-left Sections box.
  23. Complete any applicable fields with information for Schedule M.
  1. Select Schedule G - Other Information from the lower-left Sections box.
  2. Complete any applicable fields with information for Schedule G.
  3. Select Schedule H- Current Earnings and Profits from the top left 5471 box.
  4. Complete any applicable fields with information for Schedule H.
  5. Select Sch. I - Shareholder's Income from Foreign Corporation from the top left 5471 box.
  6. Complete any applicable fields with information for Schedule I.
    • Click Add from the lower-left navigation panel to add additional shareholders.
  7. Select Information of U.S. Persons from the top left 5471 box.
  8. Select Schedule J - Accumulated E&P of Controlled Foreign Corporation from the top left 5471 box.
  9. Complete any applicable fields with information for Schedule J.

Required schedules for category filers

If additional schedules need to be generated and the taxpayer qualifies, check the additional appropriate category filers.

Category filerRequired schedules
Category 2 filerIdentifying information on page 1
Schedule G
Separate Schedule O, Part I
Category 3 filerIdentifying Information on page 1
Schedule A
Schedule B
Schedule C, E, F
Schedule G
Separate Schedule O, Part II
Category 4 filerIdentifying Information on page 1
Schedule A
Schedule B
Schedule C, E, F
Schedule G
Schedule H
Schedule I
Separate Schedule J
Separate Schedule M
Category 5 filerIdentifying Information on page 1
Schedule G
Schedule H
Schedule I
Separate Schedule J
Lacerte Tax

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