Get the free Form 5471 (Schedule I-1)

SCHEDULE I1 (Form 5471)Information for Global Intangible Located Income OMB No. 15450704(Rev. December 2019) Department of the Treasury Internal Revenue ServiceAttach to Form 5471. Go to www.irs.gov/Form5471

How to fill out form 5471 schedule i-1

How to fill out form 5471 schedule i-1

1. Step 1: Open the form 5471 schedule i-1
2. Step 2: Enter the required information in the appropriate fields, such as your name, address, and tax identification number
3. Step 3: Fill out Part I of the form, providing details about the ownership of the relevant foreign corporation
4. Step 4: Complete Part II of the form, which requires information about the controlled foreign corporation's income and expenses
5. Step 5: Include any necessary attachments or supporting documentation
6. Step 6: Review the completed form for accuracy and completeness
7. Step 7: File the form 5471 schedule i-1 with the appropriate tax authority

Who needs form 5471 schedule i-1?

1. Form 5471 schedule i-1 is required for individuals and entities who are U.S. persons and have certain ownership interests in foreign corporations.
2. In general, this form is needed if the U.S. person meets any of the following conditions:
3. - They are an officer or director of a foreign corporation in which a U.S. shareholder owns 10% or more of the total voting power
4. - They are a U.S. shareholder of a controlled foreign corporation (CFC) and own stock on the last day of the CFC's accounting year
5. - They have an acquisition, disposition, or substantial change in ownership of a foreign corporation that results in a change in the percentage of total voting power

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What is form 5471 schedule i-1?

Form 5471 schedule i-1 is used to report detailed information about the deemed paid foreign taxes of a controlled foreign corporation.

Who is required to file form 5471 schedule i-1?

U.S. persons who are officers, directors or shareholders in certain foreign corporations are required to file form 5471 schedule i-1.

How to fill out form 5471 schedule i-1?

Form 5471 schedule i-1 must be completed with information on each line corresponding to the specific category of deemed paid foreign taxes being reported.

What is the purpose of form 5471 schedule i-1?

The purpose of form 5471 schedule i-1 is to provide the IRS with information on the foreign taxes paid by a controlled foreign corporation that are deemed to have been paid by U.S. shareholders.

What information must be reported on form 5471 schedule i-1?

Information such as total deemed paid foreign taxes, foreign source gross income, and foreign income tax accrued must be reported on form 5471 schedule i-1.