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Screen 5471 - Foreign Corporation (1040)
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General Information
Enter information in this section to complete the information for the person filing the Form 5471.
Category of filer
Enter the category for the person filing Form 5471. The application prints only the schedules for the specific category.
Percent of foreign corporation stock owned
Enter the percentage of foreign corporation stock owned by the person filing the Form 5471. Enter the percentage of stock ownership in the following format: XXX.XXX. For example, an ownership percentage of 98.568 should be entered as 98.568.
General statement
Enter information in the attached statement that prints as a required statement with Form 5471.
note
This information is automatically included in the
Preparer notes
section of the electronic file. You may also enter the information in the Preparer notes
statement in theELF
screen. Don't enter the same information in both locations.Statement required for category 3 filer
Enter information in the attached statement if the person filing the Form 5471 is a Category 3 filer.
Person(s) on whose behalf return is filed
Enter information in the attached statement if the Form 5471 is being filed on behalf of other persons.
note
See Form 5471 instructions for further information and requirements for multiple filers of the same information.
Explanation of changes for corrected return
Enter an explanation of changes in the attached statement if filing a corrected 5471 with a Form 1040X. Form 5471 prints with "Corrected" on top of the form. The explanation in the statement prints on a separate statement.
Electronic filing note:
A return with an entry in this field can't be filed electronically.Inactive activity for
2025
Enter
X
to indicate that this Form 5471 activity wasn't active for the current tax year. The application ignores any data in the activity's input screens and asset detail. This activity will proforma to next year. When the activity resumes, clear the field.Foreign Corporation Information
Reference ID Number
Enter the reference identification number for the foreign corporation. This number will need to be alphanumeric, and is created by the preparer. The IRS uses this number when the employer identification number hasn't been entered.
Country code where incorporated
Enter the two-letter code for the foreign country in which the foreign corporation is incorporated. Enter the foreign country code in the field or select it from the fieldview. The application updates the name of the foreign country based on the two-letter code selected and transfers the name of the foreign country to Form 5471, Page 1, Country under whose laws incorporated.
Principal place of business
Enter the two-letter code for the foreign country in which the foreign corporation has its principal place of business. Enter the foreign country code in the field or select it from the fieldview. The application updates the name of the foreign country based on the two-letter code selected and transfers the name of the foreign country to Form 5471, Page 1, Principal place of business.
Functional currency
Enter the name of the functional currency in which the foreign country is maintaining its books and records.
USD per 1 Unit FC
Enter the average exchange rate, exchange rate at the current year-end and the exchange rate at the prior year-end as the number of U.S. dollars that equals one unit of foreign currency.
FC Units per 1 USD
The application automatically converts the exchange rate entered in the USD per 1 Unit FC column into the number of foreign currency units that equals one U.S. dollar. If you disagree with the exchange rate shown in this field, enter the exchange rate. The application uses this exchange rate when translating foreign currency amounts to U.S. dollars.
Use DASTM method of accounting
Enter
X
if the foreign corporation uses the U.S. dollar approximate separate transactions method (DASTM) under Regulations 1.985-3. If this field is marked, the application transfers the U.S. dollar current-year net income or (loss) from line 21 of Schedule C to line 1 of Schedule H.Elect summary procedure for dormant corporation
Enter
X
if the person filing the return elects the summary filing procedure for filing Form 5471 for a dormant foreign corporation. The application prints Page 1 of the Form 5471 for each dormant corporation, and prints "Filed Pursuant to Rev. Proc. 92-70 for Dormant Foreign Corporation" at the top of Form 5471.Related Content
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Form 5471 filing requirements
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Form 5471 filing requirements
Format:
Article,
2 min read