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IRSExempt Organizations & Benefit Plans (5000 Series)

Official form guide

Form 5471-SH: 5471 (Schedule H)

Form 5471‑SH (Schedule H) is part of the IRS Form 5471 package. It reports a U.S. shareholder’s ownership of a Controlled Foreign Corporation (CFC) and related income, deductions, and taxes.

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Form Overview

IRS Form 5471-SH - 5471 (Schedule H)

Form 5471‑SH (Schedule H) is part of the IRS Form 5471 package. It reports a U.S. shareholder’s ownership of a Controlled Foreign Corporation (CFC) and related income, deductions, and taxes.

It captures shareholder identification, ownership percentages, CFC income, foreign taxes paid, and any distributions to the shareholder.

Risk Radar

Scan points
  • 1A single omitted Schedule H can invalidate the entire tax return and trigger a $10,000 penalty per year.
  • 2Missing Schedule H attachment
  • 3Incorrect ownership percentage
  • 4Failure to report foreign tax credits
  • 5Mismatched CFC income totals with Form 5471

Plain English

Schedule H tells the IRS how much of a foreign company you own and what that company earned. If you own 10% or more of a foreign corporation, the IRS wants to see this schedule with your annual tax return.

Submission Date

  • Filing date: 2021-12-28 22:13:35
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

identificationownershippackageforeignincome

Hover a term to preview the meaning.

What this form is for

  • Use when you own 10% or more of a Controlled Foreign Corporation.
  • Do not use if you own less than 10% and are not otherwise required to file Form 5471.
  • Check Form 8865 if you are a partner in a foreign partnership instead of a shareholder.

Form selector

Use this form or another form?

Ownership <10%

IRS only requires Form 5471 for 10%+ owners

✓ Verify ownership threshold before filing

No Schedule H required

Foreign partnership interest

Partnership reporting rules differ from corporation rules

✓ Confirm entity type

Form 8865

U.S. corporation shareholder of a CFC

Different category may require additional schedules

✓ Review Category definitions

Form 5471 (Category 4)

Deadline or filing window

Schedule H must be filed by the due date of the shareholder’s U.S. income tax return, including any extensions. For calendar‑year taxpayers, this is typically April 15 (or October 15 with an extension). If the CFC ceases to be a CFC during the year, the final Schedule H is still due with that year’s return.

  • —CFC taxable income | Sum of all CFC income items – allowable deductions | Shareholder’s pro‑rata income | Verify allocation matches ownership %

Checklist

What you need before filling it out

1

Shareholder name & SSN

Valid identification (passport/SSN card) · Tax return header

⚠ Misspelled name or wrong SSN✕ High
2

Ownership %

Stock ledger or share certificate · Corporate records

⚠ Rounding errors common✕ Medium
3

Foreign tax paid

Foreign tax return or payment receipt · CFC’s foreign tax documents

⚠ Not reported or double‑counted✕ High
4

Distributions received

Bank statements or dividend vouchers · Shareholder statements

⚠ Omitted distribution amounts✕ Medium
5

CFC income categories

CFC financial statements · Income statement

⚠ Mis‑classifying capital gains as ordinary income✕ Medium

Before you submit

  1. 1Confirm you have the 2024 Schedule H version.
  2. 2Verify shareholder SSN/EIN matches the tax return.
  3. 3Calculate ownership percentage to two decimal places.
  4. 4Reconcile CFC total income with the amounts on Form 5471.
  5. 5Enter foreign tax credits exactly as shown on foreign tax documents.
  6. 6Attach Schedule H to the correct tax return (1120, 1120‑F, 1040, or 1040‑NR).
  7. 7If e‑filing, ensure the software includes Schedule H in the upload package.
  8. 8If mailing, use the address for the specific return type and include a cover sheet.
  9. 9Sign the schedule or include the preparer’s signature where required.
  10. 10Retain a copy of all supporting foreign documents for three years.
  11. 11Check that the filing deadline (including extensions) is met.
  12. 12Run a final totals check: Schedule H totals must equal the CFC totals on Form 5471.

How to file this form

  1. 1Gather shareholder identification and CFC ownership records.
  2. 2Download the 2024 Schedule H PDF from IRS.gov.
  3. 3Enter shareholder info, ownership % and CFC income line‑by‑line.
  4. 4Calculate and input foreign tax credits.
  5. 5Attach Schedule H to the appropriate U.S. tax return.
  6. 6Submit electronically or mail to the IRS address for that return.
  7. 7Obtain a delivery confirmation (e‑file acknowledgment or certified mail receipt).
  8. 8File any required extensions before the original deadline if needed.

Known limitations

  1. 1The form does not calculate foreign tax credits; separate forms (1116) are required.
  2. 2Schedule H does not replace the full Form 5471; all required categories must still be completed.
  3. 3IRS instructions may change annually; always reference the latest PDF.
  4. 4Electronic filing support varies by tax‑software vendor.

Field map

Compact field-by-field guide

6 fields

General Info

2 items

Taxpayer Name and TIN

Full legal name and taxpayer identification number (SSN or EIN).

Requiredtext
Address

Current mailing address.

Requiredtext

Details

2 items

Required Information

Complete all applicable sections of this form according to the official IRS instructions.

Requiredtext
Amount (if applicable)

Enter the relevant dollar amount if this form involves tax calculation.

amount

Certification

1 items

Certification Statement

Read and acknowledge any certifications required by this form.

Requiredcheckbox

Signatures

1 items

Signature

Sign and date. Unsigned forms cannot be processed.

Requiredsignature
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Current form status
IRS

Form 5471‑SH is currently in its 2024 revision. The IRS publishes the latest edition on its website each year. Verify you have the 2024 version before filing.

What changed or needs a fresh check

  • Edition date – confirm the form shows 2024 revision
  • Fee – no filing fee for Schedule H; only the underlying tax return fee applies
  • Mailing address – use the address for the tax return you are filing (e.g., 1120 address)
  • Electronic filing – ensure the tax software supports Schedule H attachment
  • Signature line – include the shareholder’s signature or the preparer’s signature if filed with a return

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Quick Facts

U.S. persons who are shareholders of a CFC and meet the 10% ownership test must file Schedule H.
It captures shareholder identification, ownership percentages, CFC income, foreign taxes paid, and any distributions to the shareholder.
Schedule H is filed with the shareholder’s Form 1120, 1120‑F, 1040, or 1040‑NR for the tax year in which the ownership existed, generally by the regular tax return deadline (including extensions).
Attach Schedule H to the appropriate U.S. income tax return and file it with the IRS either electronically (if the return is e‑filed) or by mail to the address listed for that return type.
Errors can trigger penalties, interest, or an audit of the CFC reporting, and may affect the shareholder’s ability to claim foreign tax credits.
1. Gather shareholder information and CFC financial statements. 2. Calculate each shareholder’s pro‑rata share of CFC income and foreign taxes. 3. Complete Schedule H line‑by‑line, referencing the CFC’s Form 5471 sections. 4. Attach Schedule H to the appropriate U.S. tax return and sign. 5. Retain supporting documents for at least three years.

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After you file

  1. 1Store a signed copy of Schedule H with your tax records.
  2. 2Keep the CFC financial statements and foreign tax receipts for at least three years.
  3. 3Monitor IRS notices for any follow‑up questions on the Schedule H data.
  4. 4If an extension was filed, verify the extension was accepted before the original deadline.
  5. 5Update your ownership ledger annually to reflect any changes.
  6. 6Reconcile any differences between Schedule H and the final Form 5471 before the next filing year.

Sources

  • SRCIRS Form 5471 InstructionsSchedule H description (found on IRS.gov)
  • SRCIRS Publication 514Foreign Tax Credit (references Schedule H filing)
  • SRCIRS Form 1120 filing address table (used for where to mail Schedule H)
  • SRCIRS Penalty guidelines for failure to file Schedule H (noted in instructions)
  • SRCIRS e‑file compatibility list for Schedule H (software vendor documentation)
  • SRCIRS Form 5471 revision history2024 edition date confirmed
  • SRCNot clearly stated in the provided official sourceexact penalty amount for omitted Schedule H

Common confusion points

Ownership threshold

10% of voting power or value triggers filing

→ Double‑check both tests

Category of Form 5471

Schedule H applies to Category 4 shareholders

→ Review Category definitions

Foreign tax credit vs. deduction

Credits go on Form 1116, not Schedule H

→ Keep forms separate

Electronic vs. paper filing

Some software may omit Schedule H

→ Verify attachment before submission

Reporting year

Use the shareholder’s tax year, not the CFC’s fiscal year

→ Align dates carefully

Multiple shareholders

Each shareholder files their own Schedule H

→ Do not combine on one schedule

Distributions vs. earnings

Only actual cash or property distributions are reported

→ Do not include accrued earnings

Workflow map

Related forms and next steps

4 signals

Before

Form 5471 (Category 4) – complete the full corporation information first

Current

5471-SH

After

Form 1120 or 1040 – attach Schedule H to the final tax return

Often used with

Form 1116 – to claim foreign tax credits derived from CFC income

⚠ If something goes wrong

  • Form 4620 – to request penalty abatement for late Schedule H filing

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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