Form 5471 Schedule I-1 – Information for Global Intangible Low-Taxed Income (GILTI)
The GILTI (Global Intangible Low Taxed Income) data entry workpaper is available for foreign legal entity binders (parents, subsidiaries, divisional consolidations and corporate single entities). Imports are available for each tab of the GILTI Workpaper. Data entry only fields are available in the workpaper for Section 163(j) (workpaper line 5(ii)) and other adjustments (workpaper line 5(iii)) to modify allocable deductions from the Subpart F calculations to the amount related to tested income.
When the
Controlled Foreign Corporation
option is selected as the foreign entity type on the International
tab of Binder Properties
, information entered in the workpaper is transferred to the front of the Schedule I-1 in Organizer (not “hidden” screens as is the case with Schedule C and F) for each basket when the International Compute > Transfer to US5471, US8865, US8858
is run. The basket information is summarized and the total reported on the tax form.While most information transfers directly from the GILTI Workpaper to the Organizer, the following lines are for workpaper purposes only and do not transfer:
- 5(i) Allocable Deductions from Subpart F (Workpaper Only): Calculated during Subpart F and reported on the GILTI Tested Item Sourcing and Translation Import Report.
- 5(ii) Section 163(j) Adjustment (Workpaper Only)
- 5(iii) Other Adjustments (Workpaper Only)
- 9a(i) Interest Expense from Subpart F (Workpaper Only): Calculated during Subpart F and reported on the GILTI Tested Item Sourcing and Translation Import Report.
- 9a(ii) Section 163(j) Adjustment (Workpaper Only): Protected field. Flows from line 5(ii)
note
Before transferring new results, the International Compute deletes all existing information in the schedule. If you enter manual overrides in Organizer, you must check the
Schedule I-1
option on the INTL Transfer Options
screen in Organizer on the 5471
navigation tree to prevent additional transfers to the schedule from International Computes. If you do not check the box, you will lose any Organizer overrides (even if the Organizer field is locked) when you run International Compute > Transfer to US5471, US8865, US8858
for the binder.GILTI (Global Intangible Low Taxes Income) Workpaper - Tested Item Sourcing and Translation
