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Official form guide
Form 5471-SJ: 5471 (Schedule J)
IRS Form 5471 is Schedule J, used to report the accumulated earnings and profits of a controlled foreign corporation. It must be attached to Form 5471 and uses functional currency amounts on lines 1a‑14.
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IRS Form 5471-SJ - 5471 (Schedule J)
IRS Form 5471 is Schedule J, used to report the accumulated earnings and profits of a controlled foreign corporation. It must be attached to Form 5471 and uses functional currency amounts on lines 1a‑14.
Risk Radar
Scan points- 1Fail to attach Schedule J to Form 5471.
- 2Entering amounts in a currency other than the functional currency.
- 3Omitting the country code when code 901j is entered on line a.
- 4Not checking the box when the filer lacks all U.S. shareholders’ information.
- 5Failing to attach a statement for beginning balance adjustments (line 1b).
Plain English
Schedule J tells the IRS how much profit a foreign corporation has kept over time. It breaks the profit into different time periods and adjustments. The numbers are entered in the corporation’s own currency. The schedule is filed together with the main Form 5471.
Submission Date
- Filing date: 2020-12-03 22:10:28
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when reporting accumulated earnings and profits of a controlled foreign corporation attached to Form 5471.
- Do not use it for current year E&P amounts; those are entered from Schedule H.
- Check Schedule H (Form 5471) instead when reporting current year E&P amounts.
Form selector
Use this form or another form?
Reporting accumulated earnings and profits of a CFC
Required to attach Schedule J to report E&P
✓ Verify Schedule J attachment
Reporting current year E&P from Schedule H
Amounts taken from Schedule H line 5c
✓ Ensure correct line is used
Reporting nonpreviously taxed E&P subject to recapture
Must enter amounts in functional currency on Part II lines
✓ Confirm functional currency used
Deadline or filing window
Not stated in the official source.
Checklist
What you need before filling it out
Line 1a Balance at beginning of year
Prior year Schedule J · Prior year Form 5471 Schedule J
Line 3 Current year E&P
Schedule H line 5c · Schedule H of Form 5471
Line 7 Total current and accumulated E&P
Calculations from lines 1c‑6 · Schedule J calculations
Line 14 Balance at beginning of next year
Sum of lines 7‑13 · Schedule J
Part II line 4 Balance at end of year
Sum of lines 1‑3 · Part II of Schedule J
Before you submit
- 1Verify that the revision date on the form reads 12/2020
- 2Enter all amounts in functional currency
- 3Check the box if you do not have all U.S. shareholders’ information
- 4Attach any required statements for beginning balance adjustments
- 5Enter the correct country code if code 901j is used
- 6Include the name of person filing and identifying number
- 7Confirm that Schedule J is attached to Form 5471
How to file this form
- 1Gather prior year Schedule J and any statements for adjustments and keep them for reference
- 2Complete lines 1a‑14 using functional currency amounts as instructed
- 3Enter current year E&P from Schedule H line 5c where required
- 4Attach Schedule J to Form 5471 and file with the applicable tax return
- 5Retain a copy of the completed Schedule J for your records
Known limitations
- 1Schedule J (Form 5471) must be attached to Form 5471.
- 2If code 901j is entered on line a, the filer must also enter the country code for the sanctioned country.
- 3The filer checks the box on Part I if they do not have all U.S. shareholders’ information to complete an amount in column (e).
- 4All monetary entries on Schedule J must be entered in functional currency.
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 December 2020 revision (Rev. 12‑2020). The source directs users to www.irs.gov/Form5471 for the latest information; no specific changes are listed.
What changed or needs a fresh check
- Edition date — confirm the revision reads 12/2020
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — Not stated in the official source
Quick Facts
Downloads
After you file
- 1Keep the signed Schedule J with your tax records for at least seven years.
- 2Retain supporting statements for adjustments attached to lines 1b, 6, and 12.
- 3Expect the IRS to acknowledge receipt of Form 5471 with Schedule J via your e‑file status.
- 4If the IRS issues a notice, review the line referenced and file an amended Form 5471 with corrected Schedule J.
- 5Store the functional‑currency calculations in a separate worksheet for future reference.
Sources
- SRCForm p.1 — Attach to Form 5471.
- SRCForm p.1 — Enter amounts in functional currency.
- SRCForm p.1 — Check the box if person filing return does not have all U.S. shareholders’ information to complete an amount in column (e) (see instructions).
- SRCForm p.1 — If code 901j is entered on line a, enter the country code for the sanctioned country (see instructions).
- SRCForm p.1 — Line 3 Current year E&P (or deficit in E&P) (enter amount from applicable line 5c of Schedule H).
- SRCForm p.1 — For Paperwork Reduction Act Notice, see the Instructions for Form 5471.
Common confusion points
Do I need to fill out Schedule J if I have no U.S. shareholders?
The form asks for U.S. shareholder info in column (e) and provides a checkbox for missing data.
→ Check the box indicating you lack all U.S. shareholder information.
What currency should I use for the amounts?
The form states “Enter amounts in functional currency.”
→ Use the corporation’s functional currency consistently on all lines.
What does line 1b “Beginning balance adjustments” mean?
The line requires an attached statement, but the form does not define the adjustment.
→ Attach a detailed statement explaining any adjustments to the beginning balance.
How do I report previously taxed E&P on line (e)?
The form lists several sub‑categories (i‑vii) without definitions.
→ Follow the instructions for each sub‑category and ensure the correct amount is entered.
Is there a separate box for sanctioned countries?
Line b asks for a country code only when code 901j is entered on line a.
→ Enter a country code only if you selected code 901j on line a.
What is the purpose of the “Hovering deficit” lines?
The term appears on lines 2b, 13, and 14 without explanation.
→ Verify the definition in the Form 5471 instructions and apply the amount accordingly.
Workflow map
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Questions about IRS Form 5471-SJ
What is IRS Form 5471-SJ used for?
Schedule J tells the IRS how much profit a foreign corporation has kept over time. It breaks the profit into different time periods and adjustments. The numbers are entered in the corporation’s own currency. The schedule is filed together with the main Form 5471.
What information does IRS Form 5471-SJ require?
It gathers the corporation’s accumulated earnings and profits, showing post‑2017, post‑1986, pre‑1987 balances and other adjustments on lines 1a‑14 of Part I, plus non‑previously taxed E&P in Part II lines 1‑4.
How do I complete IRS Form 5471-SJ?
Enter amounts in functional currency on lines 1a‑14 of Part I, then complete Part II lines 1‑4 for non‑previously taxed E&P. Attach any required statements for adjustments, check the box if shareholder information is incomplete, and attach Schedule J to the main Form 5471.
Do I need to fill out Schedule J if I have no U.S. shareholders?
The form asks for U.S. shareholder info in column (e) and provides a checkbox for missing data. Check the box indicating you lack all U.S. shareholder information.
What currency should I use for the amounts?
The form states “Enter amounts in functional currency.” Use the corporation’s functional currency consistently on all lines.
What does line 1b “Beginning balance adjustments” mean?
The line requires an attached statement, but the form does not define the adjustment. Attach a detailed statement explaining any adjustments to the beginning balance.
How do I report previously taxed E&P on line (e)?
The form lists several sub‑categories (i‑vii) without definitions. Follow the instructions for each sub‑category and ensure the correct amount is entered.
Is there a separate box for sanctioned countries?
Line b asks for a country code only when code 901j is entered on line a. Enter a country code only if you selected code 901j on line a.
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