Form 5471 Schedule J PDF Details

If you are a U.S. person or entity with ownership or control of a foreign corporation, you may be required to file Form 5471 Schedule J. This form is used to report information about the foreign corporation, including its income, assets, and shareholders. Failure to file this form can result in significant penalties, so it is important to understand when and how to file it. This blog post will provide a basic overview of Form 5471 Schedule J and explain when you are required to file it.

QuestionAnswer
Form NameForm 5471 Schedule J
Form Length3 pages
Fillable?No
Fillable fields0
Avg. time to fill out45 sec
Other names5471 schedule j, form 5471 schedule h, fillable schedule j pdf, 5471 sch j

Form Preview Example

SCHEDULE J

Accumulated Earnings & Profits (E&P) of Controlled Foreign Corporation

 

 

 

 

(Form 5471)

 

 

 

 

 

 

 

 

 

 

 

(Rev. December 2020)

Attach to Form 5471.

 

 

 

OMB No. 1545-0123

 

 

 

 

Department of the Treasury

Go to WWW.IRS.GOV/FORM5471 for instructions and the latest information.

 

 

 

 

Internal Revenue Service

 

 

 

 

 

 

 

 

 

 

 

Name of person filing Form 5471

 

 

 

Identifying number

 

 

 

 

 

 

Name of foreign corporation

 

EIN (if any)

 

Reference ID number (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)

.

Part I

Accumulated E&P of Controlled Foreign Corporation

Check the box if person filing return does not have all U.S. shareholders’ information to complete an amount in column (e) (see instructions).

Important: Enter amounts in functional currency.

(a)

(b)

(c)

(d)

(e) Previously Taxed E&P (see instructions)

Post-2017 E&P Not

Post-1986

Pre-1987 E&P Not

Hovering Deficit and

 

 

 

 

 

 

 

 

 

 

Previously Taxed

Undistributed Earnings

Previously Taxed

Deduction for

(I) Reclassified section

(II) Reclassified section

 

 

(post-2017 section

(post-1986 and pre-2018

(pre-1987 section

Suspended Taxes

965(a) PTEP

965(b) PTEP

 

 

959(c)(3) balance)

section 959(c)(3) balance)

959(c)(3) balance)

 

 

 

 

 

 

 

 

 

 

 

1a

Balance at beginning of year (as reported on prior

 

 

 

 

 

 

 

year Schedule J)

 

 

 

 

 

 

 

 

 

 

 

 

 

b Beginning balance adjustments (attach statement)

 

 

 

 

 

 

c

Adjusted beginning balance (combine lines 1a and 1b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2a

Reduction for taxes unsuspended under anti-splitter rules

 

 

 

 

 

 

 

 

 

 

 

 

 

b Disallowed deduction for taxes suspended under

 

 

 

 

 

 

 

anti-splitter rules

 

 

 

 

 

 

3Current year E&P (or deficit in E&P) (enter amount from applicable line 5c of Schedule H) . . . .

4E&P attributable to distributions of previously taxed

 

E&P from lower-tier foreign corporation . . .

 

 

5a

E&P carried over in nonrecognition transaction .

 

b Reclassify deficit in E&P as hovering deficit after

 

nonrecognition transaction

6Other adjustments (attach statement) . . . .

7Total current and accumulated E&P (combine lines

1c through 6) . . . . . . . . . . . .

8Amounts reclassified to section 959(c)(2) E&P from

section 959(c)(3) E&P . . . . . . . . .

9 Actual distributions . . . . . . . . . .

10Amounts reclassified to section 959(c)(1) E&P from

section 959(c)(2) E&P . . . . . . . . .

11Amounts included as earnings invested in U.S. property and reclassified to section 959(c)(1) E&P (see instructions)

12Other adjustments (attach statement) . . . .

13Hovering deficit offset of undistributed post- transaction E&P (see instructions) . . . . .

14Balance at beginning of next year (combine lines 7 through 13)

For Paperwork Reduction Act Notice, see the Instructions for Form 5471.

Cat. No. 21111K

Schedule J (Form 5471) (Rev. 12-2020)

Schedule J (Form 5471) (Rev. 12-2020)

Page 2

 

 

 

Part I

Accumulated E&P of Controlled Foreign Corporation (CONTINUED)

 

1a

b

c

2a

b

3

4

5a

b

6

7

8

9

10

11

12

13

14

1a

b

c

2a

b

3

4

5a

b

6

7

8

9

10

11

12

13

14

(e) Previously Taxed E&P (see instructions)

(III) General section

(IV) Reclassified section 951A PTEP

(V) Reclassified section 245A(d) PTEP

(VI) Section 965(a) PTEP

(VII) Section 965(b) PTEP

959(c)(1) PTEP

 

 

 

 

 

(e) Previously Taxed E&P (see instructions)

 

(f)

 

 

 

Total Section 964(a) E&P

 

 

 

(VIII) Section 951A PTEP

(IX) Section 245A(d) PTEP

(X) Section 951(a)(1)(A) PTEP

(combine columns (a), (b), (c),

 

 

 

and (e)(i) through (e)(x))

 

 

 

 

Schedule J (Form 5471) (Rev. 12-2020)

Schedule J (Form 5471) (Rev. 12-2020)

Page 3

 

 

 

Part II

Nonpreviously Taxed E&P Subject to Recapture as Subpart F Income (section 952(c)(2))

 

Important: Enter amounts in functional currency.

 

 

 

 

 

 

 

 

1

Balance at beginning of year

. . . . . .

. . .

. . . . . . .

. . .

. . . . . . .

.

.

2

Additions (amounts subject to future recapture) .

. . . . . .

. . .

. . . . . . .

. . .

. . . . . . .

.

.

3

Subtractions (amounts recaptured in current year)

. . . . . .

. . .

. . . . . . .

. . .

. . . . . . .

.

.

4

Balance at end of year (combine lines 1 through 3)

. . . . . .

. . .

. . . . . . .

. . .

. . . . . . .

.

.

1

2

3

4

Schedule J (Form 5471) (Rev. 12-2020)

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In an effort to fill out this PDF document, be sure to provide the right details in every field:

1. Fill out the irs form 5471 instructions with a number of essential fields. Get all the required information and be sure nothing is missed!

Step number 1 of submitting form 5471 schedule m instructions

2. Just after performing the last section, go on to the subsequent part and enter all required details in these blanks - a EP carried over in, Reclassify deficit in EP as, Other adjustments attach, Total current and accumulated EP, Amounts reclassified to section c, Amounts reclassified to section c, Amounts included as earnings, Other adjustments attach, Hovering deficit offset of, Balance at beginning of next year, For Paperwork Reduction Act Notice, Cat No K, and Schedule J Form Rev.

Writing segment 2 of form 5471 schedule m instructions

3. Completing iii General section, c PTEP, iv Reclassified section A PTEP, v Reclassified section Ad PTEP, vi Section a PTEP, vii Section b PTEP, a b c a b, a b, a b c a b, viii Section A PTEP, ix Section Ad PTEP, x Section aA PTEP, e Previously Taxed EP see, Total Section a EP, and combine columns a b c is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Tips to complete form 5471 schedule m instructions step 3

It's easy to make a mistake when filling in the viii Section A PTEP, hence make sure you reread it before you decide to submit it.

4. To move ahead, this section will require filling out a couple of fields. Examples include a b c a b, a b, and Schedule J Form Rev, which you'll find key to going forward with this particular document.

Stage number 4 for filling out form 5471 schedule m instructions

5. The very last point to complete this PDF form is crucial. Be certain to fill in the mandatory blanks, and this includes Important Enter amounts in, Balance at beginning of year, Additions amounts subject to, Subtractions amounts recaptured in, Balance at end of year combine, and Schedule J Form Rev, prior to submitting. In any other case, it could lead to an incomplete and possibly unacceptable form!

How you can prepare form 5471 schedule m instructions step 5

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