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Form 5471-SH: 5471 (Schedule H)
IRS Form 5471 is Schedule H that reports a foreign corporation’s current earnings and profits. It must be attached to Form 5471 and all amounts on lines 1 through 5c are entered in functional currency.
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IRS Form 5471-SH - 5471 (Schedule H)
IRS Form 5471 is Schedule H that reports a foreign corporation’s current earnings and profits. It must be attached to Form 5471 and all amounts on lines 1 through 5c are entered in functional currency.
Risk Radar
Scan points- 1Not stated in the official source
- 2Omitting the required attachment of Schedule H to Form 5471, causing the filing to be incomplete.
- 3Entering amounts on lines 1 through 5c in a currency other than the functional currency, violating the form’s instruction.
- 4Leaving line 5d blank or failing to provide the exchange rate used, preventing calculation of earnings and profits in U.S. dollars.
- 5Failing to supply the country code for each sanctioned country on lines 5c(iii)(A)-(D), which blocks proper reporting of Section 901(j) amounts.
Plain English
Schedule H of IRS Form 5471 tells the IRS how much profit a foreign corporation earned during the year. You list the net income from the books, any adjustments, and then calculate the earnings and profits in U.S. dollars.
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
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What this form is for
- Use this form when reporting a foreign corporation’s current earnings and profits on Form 5471.
- Do not use it when reporting other items such as balance‑sheet information, shareholder equity, or tax credits that belong on other schedules.
- Check Schedule J (Form 5471) instead when you must allocate earnings and profits among the general, passive, and Section 901(j) categories.
Form selector
Use this form or another form?
Reporting foreign income taxes on a foreign corporation
Captures income tax payments and related credits
✓ Verify tax amounts are correctly calculated before proceeding
Allocating earnings and profits by category
Required breakdown for general, passive, and sanctioned‑country categories
✓ Ensure each category amount matches the total on line 5c
Summarizing current earnings and profits overall
Computes net income and adjustments to derive C&E&P
✓ Confirm functional‑currency totals on lines 1‑5c
Deadline or filing window
Not stated in the official source
Checklist
What you need before filling it out
Line 1 Current year net income or (loss)
Foreign corporation’s books of account · Financial statements of the foreign corporation
Line 2a Capital gains or losses
Statement of capital transactions · Capital gains schedule of the foreign corporation
Line 2g Income taxes
Schedule E, Part I, line 6, column (m) details · Tax return of the foreign corporation
Line 5c(i) General category amount
Schedule J, Part I, line 3, column (a) allocation · Allocation worksheet for earnings and profits
Line 5d Current earnings and profits in U.S. dollars
Exchange rate used for line 5d · Average exchange rate per section 989(b)(3)
Before you submit
- 1Confirm all amounts on lines 1‑5c are entered in functional currency
- 2Verify net additions (line 3) and net subtractions (line 4) are correctly summed
- 3Check that line 5a equals line 1 plus line 3 minus line 4
- 4Enter the DASTM gain or loss on line 5b if applicable
- 5Calculate line 5c by combining lines 5a and 5b
- 6Allocate line 5c amounts to categories on lines 5c(i)‑5c(iii) as required
- 7Enter the exchange rate used on line 5e
How to file this form
- 1Attach Schedule H to the completed Form 5471
- 2Sign the attached Schedule H
- 3Mail the combined package to the IRS address designated for Form 5471 filings
- 4Retain a copy of the signed Schedule H and Form 5471 for your records
- 5Obtain a delivery receipt or tracking confirmation as proof of filing
Known limitations
- 1The form’s edition reads Rev. December 2021; you should verify whether a newer revision has been released before filing.
- 2The official source does not list a filing fee; you must check the IRS website or instructions for any applicable charge.
- 3No mailing address appears in the source; you should confirm the correct submission address in the current IRS instructions.
- 4Signature requirements are not described in the source; you need to verify whether a signature line is required on Schedule H.
- 5The exchange‑rate field is omitted from the source; you should ensure the form includes a place to enter the average rate.
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
Almost done reviewing the fields?
Fillable formOpen in Editor->The form is the Revision December 2021 edition (Rev. 12‑2021). The form directs filers to go to www.irs.gov/Form5471 for instructions and the latest information.
What changed or needs a fresh check
- Edition date — confirm the revision reads Rev. December 2021
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — Not stated in the official source
- Exchange rate field — Not stated in the official source
Quick Facts
Downloads
After you file
- 1Retain a printed copy of the completed Schedule H with your records.
- 2Store supporting documentation, such as exchange rate calculations, for at least three years.
- 3Expect an acknowledgement of receipt from the IRS if filed electronically, or a stamped copy if mailed.
- 4If an error is discovered, file an amended Schedule H with the corrected amounts and indicate the changes on the amended Form 5471.
Sources
- SRCForm p.1 — Attach to Form 5471.
- SRCForm p.1 — Enter the amounts on lines 1 through 5c in functional currency.
- SRCForm p.1 — Line 2g refers to Income taxes (see Schedule E, Part I, Section 1, line 6, column (m), and Part III, line 3, column (i)).
- SRCForm p.1 — Line 5c(i) and (ii) require amounts entered on applicable Schedule J, Part I, line 3, column (a).
- SRCForm p.1 — Line 5c(iii)(A)‑(D) require country code of sanctioned country per Section 901(j).
- SRCForm p.1 — Line 5d is current earnings and profits in U.S. dollars translated at the average exchange rate defined in section 989(b)(3).
- SRCForm p.1 — Line 5e is where you enter the exchange rate used for line 5d.
- SRCForm p.1 — Revision date reads Rev. December 2021.
Common confusion points
Do I enter amounts in functional currency or U.S. dollars?
The form instructs to use functional currency for lines 1‑5c.
→ Confirm amounts on lines 1‑5c are in the corporation’s functional currency, not converted.
What does line 2g ‘Income taxes’ refer to?
Line 2g points to Schedule E details for income tax entries.
→ Check Schedule E, Part I, Section 1, line 6, column (m) for the correct tax amount.
How do I allocate earnings to General vs Passive categories on line 5c?
Line 5c(i) and (ii) require splitting the total into General and Passive categories per Schedule J.
→ Verify the split totals match Schedule J, Part I, line 3, column (a).
What is the purpose of the (iii)(A)‑(D) boxes on line 5c?
They capture earnings related to sanctioned countries under Section 901(j).
→ Enter the appropriate country code and amount in each applicable box.
Which exchange rate should I use for line 5d?
Line 5d requires the average exchange rate defined in section 989(b)(3).
→ Record the rate on line 5e and ensure it matches the average rate for the year.
Where do I find the instructions for Schedule H?
The form directs users to www.irs.gov/Form5471 for instructions and latest information.
→ Visit the IRS website and confirm you are viewing the Rev. 12‑2021 instructions.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 5471 Instructions – contains detailed guidance for correcting errors on Schedule H.
Questions about IRS Form 5471-SH
What is IRS Form 5471-SH used for?
Schedule H of IRS Form 5471 tells the IRS how much profit a foreign corporation earned during the year. You list the net income from the books, any adjustments, and then calculate the earnings and profits in U.S. dollars.
What information does IRS Form 5471-SH require?
The form collects the foreign corporation’s current year net income, net adjustments (capital gains, depreciation, depletion, investment allowance, statutory reserves, inventory adjustments, income taxes, foreign currency gains/losses, other), total net additions and subtractions, and calculates current earnings and profits on lines 5a‑5c, including the U.S. dollar amount on line 5d.
How do I complete IRS Form 5471-SH?
Enter the foreign corporation’s net income or loss on line 1 in functional currency. Add or subtract the items listed on lines 2a‑2i to compute total net additions (line 3) and total net subtractions (line 4). Combine line 1, line 3 and line 4 to obtain current earnings and profits on line 5a, then allocate the amount to the categories on line 5c and translate it to U.S. dollars on line 5d using the average exchange rate.
Do I enter amounts in functional currency or U.S. dollars?
The form instructs to use functional currency for lines 1‑5c. Confirm amounts on lines 1‑5c are in the corporation’s functional currency, not converted.
What does line 2g ‘Income taxes’ refer to?
Line 2g points to Schedule E details for income tax entries. Check Schedule E, Part I, Section 1, line 6, column (m) for the correct tax amount.
How do I allocate earnings to General vs Passive categories on line 5c?
Line 5c(i) and (ii) require splitting the total into General and Passive categories per Schedule J. Verify the split totals match Schedule J, Part I, line 3, column (a).
What is the purpose of the (iii)(A)‑(D) boxes on line 5c?
They capture earnings related to sanctioned countries under Section 901(j). Enter the appropriate country code and amount in each applicable box.
Which exchange rate should I use for line 5d?
Line 5d requires the average exchange rate defined in section 989(b)(3). Record the rate on line 5e and ensure it matches the average rate for the year.
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