Schedule M Chart
The Schedule M Cross Reference Chart and the Schedule M Chart screen are used in combination to populate the Form 5471, Schedule M. Specifically, the Schedule M Cross Reference Chart cross-references federal accounts to the lines on the Schedule M and the
Schedule M Chart
screen is used to allocate the account balances to the columns of the Schedule M.You can enter Schedule M sourcing either manually entered or imported.
Setting Up Form 5471, Schedule M Cross-Reference
- On the Income Tax menu bar, selectCharts > International | Form 5471 Schedule M Cross Reference.
- SelectInternational | Form 5471 Schedule M Cross Reference.
- Select theFederal Chartfrom the dropdown. Once you select the Federal Chart of Accounts, the federal accounts appear in theUnassigned Federal Charts of Accountspane.
- Select the appropriate Federal Account(s) in theAccountspane.
- Select the Schedule M line to cross-reference.
- ClickMapto assign the accounts to the Schedule M line.
- ClickSave.
Form 5471 Schedule M Sourcing
Sourcing amounts on the Schedule M can be completed either manually or by importing them.
- Manually Sourcing Schedule M Amounts
- On the TAS navigation tree, select theForeign Entityfolder| Form 5471 Schedule M Chart. The Form 5471 Schedule M Accounts sourcing screen displays (in columns with blue background) the cross-referenced accounts, the Schedule M line description, and the balance from TAS.
- Enter amounts forAmounts to be Apportioned/Allocatedin the appropriate columns with white background.
- ClickSaveor checkAlwaysto save all entries.
