Form 5471 Schedule I – Summary of shareholder’s income from foreign corporation
During Subpart F computes the current year inclusions are calculated for the U.S. Shareholders of each foreign corporation. The aggregate amounts for the related entities within the consolidated group are presented on the Summary Report for U.S. Shareholders. When
International Compute > Transfer to US5471, US8865 and US8858
is run, information from the Summary Report is transferred directly to the front of the Schedule I in Organizer (not “hidden” screens as is the case with Schedule C and F).Schedule I (Summary of Shareholder’s Income from Foreign Corporation) requires a breakdown of Subpart F Income between foreign base company and personal holding company classifications and the specific identification of dividends received by the U.S. Shareholders that are eligible for 245A treatment. To divide total Subpart F income on the Summary Report between the various Schedule I Subpart F lines, the system analyzes the amounts on the Section 954(b)(4) High Tax Election Report line
Net Income Not Excepted
, referring to the Subpart F Type
of each source code as defined on the Source Code Definition
screen.ONESOURCE Income Tax International can generate a single “summary” Form 5471 Schedule I that represents the combined ownership of all related FTC shareholders (regardless of ownership percentage) or, starting in tax year 2020, separate Schedule I’s for each individual first tier FTC shareholder. By default, the INTL Transfer Options are set to populate a summary Schedule I:
INTL Transfer Options > Schedule I
option is not selected and Schedule I by Shareholder
is selected. Individual 5471 Schedule I’s will not be created during the transfer to Form 5471 from International Computes unless you remove the Schedule I by Shareholder
option.While the system now creates both the summary and individual shareholder Schedule I’s, you must ensure that only one set is included in your return. To suppress the Summary Schedule I created by the system:
- In Organizer, go to .
- SelectSuppress print and e-file of this Schedule I.
To suppress all of the individual shareholder Schedule I’s created by the system (or entered manually ):
- In Organizer, select .
- SelectSuppress print and e-file of all Schedule I filed on behalf of other persons.
To suppress a specific shareholder Schedule I:
- In Organizer, select.
- SelectSuppress print and e-file of this Schedule I filed on behalf of other persons.
- If you select either of these options, also select theSchedule I by Shareholderoption on theINTL Transfer Optionspage to prevent further transfers from the International Computes to theSchedule I by U.S. Shareholderfolder.
note
If multiple Schedule I’s are included in a return, the tax application creates a summary Schedule I that represents the aggregated amounts on the individual Schedule I’s.
