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How to generate Form 5471 in ProConnect Tax

by Intuit•2• Updated 2 years ago

This article will help you generate Form 5471 and any required schedules. Follow the instructions below for an individual (1040) return, or click on a different tax type to get started.

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.

To generate Form 5471:

  1. Go to the section, Miscellaneous Forms, and then go to the screen, Information of U.S. Persons. This is available in the following tax types:
    • Individual (1040)
    • Partnership (1065)
    • S-Corporation (1120S)
    • Corporation (1120)
    • Fiduciary (1041)
    • Exempt organization (990)
  2. Complete any 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) or
    • Region (If Foreign address)
    • ZIP code If Foreign address)
    • Country (If Foreign address)
    • Identifying Number
    • Annual tax year beginning
    • Annual tax year ending
  3. Select one or more of the Category filer checkboxes.
    • If checking the Category 3 filer box, in Category 3 filers- additional filing requirements, and click the "+" icon to the right of the field to expand the input field 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. Enter the Translation Rates, if applicable. This rate can be referred to when completing Schedule C, Schedule F and Schedule M for Category 3 and 4 filers:
    • Average
    • Year end
  6. Check the box, DASTM (If the foreign corporation uses the U.S. dollar approximate separate transactions methods (DASTM) under Regulations section 1.985-3. The program will carry from line 21 of Schedule C to line 1 of Schedule H. DASTM will also print on Schedule C and Schedule F to indicate this method of filing.)
  7. Check the box, 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 If name change, previous name.
  9. Complete Part H- Person(s) on whose behalf this information return is filed subsection.
  10. Scroll down and complete all applicable information in the Foreign Corporation Information section:
    • Name
    • Street address
    • City
    • State (if U.S. Address)
    • ZIP code (if U.S. Address) or
    • Region (If Foreign address)
    • ZIP code (If Foreign address)
    • Country (If Foreign address)
    • Employer ID number
    • Reference ID number
    • Select the Country under whose laws incorporated from the drop down menu.
    • Date of incorporation
    • Principal place of business from the drop down menu.
    • Select the Principal business activity code number from the drop down menu.
    • 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. Scroll down to the Schedule G- Other Information section.
  2. Complete all applicable information for Schedule G.
  3. Go to the screen, Sch. O- Part I U.S. Officers and Directors.
  4. Complete all applicable information for Schedule O, Part I.
  5. Click (+) icon in the tab at the top of the screen to add additional Officers and Directors.
  1. Select Foreign Corporation at the top of the screen to access the Schedule A- Stock of Foreign Corporation section.
  2. Click in the field Stock Information (Click on button to expand) to expand the input and enter the applicable information.
  3. Select Sch C & F at the top of the screen and complete all applicable information for Schedule C and F.
  4. Select Schedule G at the top of the screen and complete all applicable information for Schedule G
  5. Select Sch. O- Part II at the top of the screen and complete all applicable information for Schedule O, Part II, Section A
    • Click the "+" icon in the tab at the top of the screen to add additional shareholders
  6. On the left panel, select Sch. O- Part II Sec. B (5471) and complete all applicable information for Schedule O, Part II, Section B.
    • Click the "+" icon in the tab at the top of the screen to add additional Officers and Directors
  7. On the left panel, select Sch. O- Part II Sec. C/D (5471) and complete all applicable information for Schedule O, Part II, Section C/D.
    • Click the "+" icon in the tab at the top of the screen to add additional acquisition/disposition of stocks.
  8. On the left panel, select Sch. O- Part II Sec. E and complete all applicable information for Schedule O, Part II, Section E.
    • Click the "+" icon in the tab at the top of the screen to add additional organization or reorganization of foreign corporation.
  9. Select Sch. B- U.S. Shareholder (5471) (left panel) and complete all applicable information for Schedule B.
    • Click the "+" icon in the tab at the top of the screen to add additional shareholders
  10. Select Schedule E- Income, War Profits, and Excess Profits Taxes Paid or Accrued and Complete all applicable information for Schedule E.
  1. Select Foreign Corporation at the top of the screen to access the Schedule A- Stock of Foreign Corporation section.
  2. Click in the field, Stock Information (Click on button to expand) to expand the input field.
  3. Select Sch. B- U.S. Shareholder (5471) on the left panel and complete all applicable information for Schedule B.
    • Click the "+" icon in the tab at the top of the screen to add additional shareholders.
  4. Go back to the Information of U.S. Persons screen and select Sch C & F.
  5. Complete the Schedule C- Income Statement section.
  6. Complete the Schedule F- Balance Sheet section
  7. Select the Schedule E- Income, War Profits, and Excess Profits Taxes Paid or Accrued section on the left.
  8. Complete all applicable information for Schedule E.
  9. Go back to the Information of U.S. Persons screen and select Schedule G at the top of the screen.
  10. Complete all applicable information for Schedule G
  11. Select Schedule H- Current Earnings and Profits (5471) section on the left.
  12. Complete all applicable information for Schedule H
  13. Select Sch. I- Stockholder's Income (5471) section on the left.
  14. Complete all applicable information for Schedule I.
    • Click the "+" icon in the tab at the top of the screen to add additional shareholders.
  15. Go to the screen, Information of U.S. Persons.
  16. Select the Schedule J- Accumulated E&P of Controlled Foreign Corp. (5471) section on the left.
  17. Complete all applicable information for Schedule J.
  18. Go back to the Information of U.S. Persons screen and select Schedule M at the top of the screen to access the Schedule M- Transactions Between CFC and Shareholders or Other Related Persons section
  19. Complete all applicable information for Schedule M
  1. Select Schedule G at the top of the screen to access the Schedule G - Other Information section.
  2. Complete all applicable information for Schedule G
  3. Select the Schedule H- Current Earnings and Profits section on the left panel.
  4. Complete all applicable information for Schedule H
  5. Select the Sch. I- Stockholder's Income (5471) section on the left panel.
  6. Complete all applicable information for Schedule I
    • Click the "+" icon in the tab at the to of the screen to add additional shareholders.
  7. Go to the screen, Information of U.S. Persons.
  8. Select the Schedule J- Accumulated E&P of Controlled Foreign Corporation section on the left.
  9. Complete all applicable information for Schedule J.
 

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

Required schedules for 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
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