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Federal input screens

Screen 5471 - Foreign Corporation (1065)

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Overview

General Information

Changes to corrected return
Use the statement to enter changes needed to correct Form 5471 on an amended partnership return. "Corrected" prints on the top of Form 5471, Page 1 and this statement prints with the return.
Category of filer: Category 1
The following schedules complete for a category 1 filer.
  • Identifying information on Page 1
  • Schedule B, Part II
  • Separate Schedule E
  • Separate Schedule J
  • Separate Schedule P
Category of filer: Category 2
The following schedules complete for a category 2 filer.
  • Identifying information on Page 1
  • Separate Schedule O, Part I
Category of filer: Category 3
The following schedules complete for a category 3 filer.
  • Identifying information on Page 1
  • Schedule A
  • Schedule B
  • Schedules C and F
  • Schedule G
  • Separate Schedule G-1
  • Separate Schedule O, Part II
Category of filer: Category 4
The following schedules complete for a category 4 filer.
  • Identifying information on Page 1
  • Schedule A
  • Schedule B
  • Schedules C and F
  • Separate Schedule E
  • Schedule G
  • Separate Schedule G-1
  • Separate Schedule H
  • Schedule I
  • Separate Schedule I-1
  • Separate Schedule J
  • Separate Schedule M
  • Separate Schedule P
  • Separate Schedule Q
  • Separate Schedule R
Category of filer: Category 5
The following schedules complete for a category 5 filer.
  • Identifying information on Page 1
  • Schedule B, Part II
  • Separate Schedule E
  • Schedule G
  • Separate Schedule H
  • Schedule I
  • Separate Schedule I-1
  • Separate Schedule J
  • Separate Schedule P
Excepted specified foreign financial assets are reported on this form
Enter
X
 only if the filer also files Form 8938, Statement of Specified Foreign Financial Assets, for the current tax year and includes this form in the total number of Forms 5471 on Form 8938, Part IV, line 3.

Foreign Corporation Information

Employer identification number
If the foreign corporation doesn't have an EIN and you don't want to leave the field blank on the form, enter
None
 or
N/A
.
Reference ID number
Enter the reference identification number associated with this return. Reference ID numbers are created by tax preparers and are unique to each return. The IRS requires an entry in this field and uses this number to track foreign returns.
Average exchange rate / Current year-end spot rate / Prior year-end spot rate - USD per 1 Unit FC
The application automatically converts the exchange rate entered in
USD per 1 Unit FC
 into the number of foreign currency units (xxx.xxxx) that equals one U.S. dollar. To use a different exchange rate, enter the rate in this field. The application uses this exchange rate when translating foreign currency amounts to U.S. dollars.
Average exchange rate / Current year-end spot rate / Prior year-end spot rate - FC Units per 1 USD
The application automatically converts the exchange rate entered in
USD per 1 Unit FC
 into the number of foreign currency units (xxx.xxxx) that equals one U.S. dollar. To use a different exchange rate, enter the rate in this field. 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 section 1.985-3. If you enter
X
, the application transfers the U.S. dollar current-year net income or (loss) from Schedule C, line 21 to Schedule H, line 1.
Electing 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. "Filed Pursuant to Rev. Proc. 92-70 for Dormant Foreign Corporation" prints at the top of Form 5471.
note
The application prints only Form 5471, Page 1 for a dormant corporation electing the summary procedure.

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