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Form 5471 automated preparation

Schedule Q: Line 4 Residual Income Group

Beyond reporting Line 1 Subpart F and Line 3 GILTI high tax amounts in the total row, the system lists Unit detail in the Residual Income Group with related party dividend and Oil and Gas income that was excluded from the GILTI calculations. When determining the individual instance of Schedule Q where amounts should be reported, residual income will always be treated as foreign source. For the passive basket, the system uses the Withholding Tax Rate selected for Passive Non-Subpart F (full inclusion) source codes on the
Binder Properties > International
 tab.
Schedule Q Field
Data Source
Unit Name
Entity Properties > Name
Unit Column i (Country Code)
Binder Properties > Country of Incorporation
Unit Column ii (Gross Income)
Section 951A GILTI High Tax Exception Report > Related Party Dividends
Plus
Section 951A GILTI High Tax Exception Report > Foreign Oil and Gas Income
Residual Income Group Total Row
Sum the Unit amounts
Plus
954(b)(4) high taxed source code amounts removed from the Subpart F Income Group Total (lines 1a-1i)
Plus
GILTI high taxed amounts removed from the Tested Income Group Total (line 3)

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: International

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