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Official form guide
Form 5471-SP: 5471 (Schedule P)
Internal Revenue Service Form 5471 (Schedule P) is used to report previously taxed earnings and profits (PTEP) of a U.S. shareholder of certain foreign corporations, attaching required statements for balance adjustments.
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IRS Form 5471-SP - 5471 (Schedule P)
Internal Revenue Service Form 5471 (Schedule P) is used to report previously taxed earnings and profits (PTEP) of a U.S. shareholder of certain foreign corporations, attaching required statements for balance adjustments.
Risk Radar
Scan points- 1Failing to attach required statements for balance adjustments triggers penalties.
- 2Leaving line 1b Beginning balance adjustments blank without attaching the required statement.
- 3Omitting the balance at beginning of year on line 1a in Part I.
- 4Failing to report amounts reclassified to section 959(c)(2) on line 7.
- 5Not completing line 12 Balance at beginning of next year in Part I.
Plain English
Schedule P shows how much profit a foreign corporation already paid tax on and that a U.S. shareholder must report. You list the starting amounts, any changes, and the ending balance in both foreign currency and U.S. dollars. Attach statements where the form asks. The totals flow into the shareholder's tax return.
Submission Date
- Filing date: 2020-12-04 22:10:29
- 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 previously taxed earnings and profits of a U.S. shareholder of certain foreign corporations.
- Do not use it when there are no previously taxed earnings and profits to report.
- Check Form 5471 instead when the filing requires the full Form 5471 package.
Form selector
Use this form or another form?
Reporting previously taxed E&P in functional currency only
Schedule P must be attached to report the functional‑currency amounts
✓ Confirm Schedule P is included with Form 5471
Reporting previously taxed E&P in U.S. dollars
Schedule P Part II captures dollar‑denominated amounts
✓ Verify dollar amounts are entered in Part II
Providing balance adjustments for beginning balances
Adjustments require attached statements as indicated on Schedule P
✓ Attach the required statements for balance adjustments
Deadline or filing window
Not stated in the official source.
Checklist
What you need before filling it out
Name of person filing Form 5471
Taxpayer’s legal name · Form header
Identifying number
Social Security Number or EIN · Taxpayer identification section
Separate Category code (line a)
Code from instructions · Schedule P line a
Country code for sanctioned country (line b)
Two‑letter ISO country code · Instructions for code 901j
Balance at beginning of year (line 1a)
Statement of previously taxed E&P · Part I functional currency
Before you submit
- 1Verify the revision date reads 12‑2020.
- 2Confirm the OMB number 1545‑0123 is present.
- 3Enter the name of the person filing Form 5471.
- 4Provide the identifying number for the filer.
- 5Enter the Separate Category code in line a.
- 6If code 901j is used, enter the sanctioned country code in line b.
- 7Complete all Part I functional‑currency lines with required amounts.
- 8Complete all Part II U.S.‑dollar lines with required amounts.
- 9Attach statements for any balance adjustments referenced on lines 1b, 5, 11, etc.
How to file this form
- 1Gather the foreign corporation’s previously taxed earnings and profits data in functional currency and U.S. dollars.
- 2Fill out Schedule P fields, including name, identifying numbers, and Separate Category code.
- 3Attach any required statements for balance adjustments and for code 901j country information.
- 4Attach the completed Schedule P to the main Form 5471 package.
- 5Mail the assembled package to the IRS address and retain the mailing receipt as proof of filing.
Known limitations
- 1The form’s edition reads 12‑2020; you should verify whether a newer revision has been released before filing.
- 2OMB number appears as 1545‑0123; confirm this matches the current form copy to avoid processing delays.
- 3Fee field is not stated in the official source; you must check the IRS website for any required payment.
- 4Mailing address is not stated in the official source; verify the correct submission address on the IRS instructions before sending.
- 5Signature requirement is not stated in the official source; ensure you sign the form as required by IRS guidelines.
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 top of the form directs users to www.irs.gov/Form5471 for the latest information.
What changed or needs a fresh check
- Edition date — confirm the revision reads 12‑2020 (Rev. December 2020).
- OMB number — confirm OMB No. 1545‑0123 appears on the form.
- 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
- 1Retain a complete copy of the filed Schedule P and all attached statements for at least seven years in case of audit.
- 2Verify that the edition date on your copy reads 12‑2020; if a newer version exists, consider filing an amended return.
- 3Check that OMB No. 1545‑0123 appears correctly on your form; mismatched numbers may cause processing delays during filing.
- 4Ensure any required statements referenced on lines such as 1b, 5, and 7 are attached; missing attachments trigger IRS notices.
- 5Monitor IRS correspondence after submission; respond promptly to any requests for clarification to avoid penalties or interest accrual.
Sources
- SRCNot stated in the official source — verify on the agency site
- SRCNot stated in the official source — verify on the agency site
- SRCNot stated in the official source — verify on the agency site
- SRCNot stated in the official source — verify on the agency site
- SRCNot stated in the official source — verify on the agency site
- SRCNot stated in the official source — verify on the agency site
Workflow map
Related forms and next steps
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⚠ If something goes wrong
- Attach to Form 5471.
Questions about IRS Form 5471-SP
What is IRS Form 5471-SP used for?
Schedule P shows how much profit a foreign corporation already paid tax on and that a U.S. shareholder must report. You list the starting amounts, any changes, and the ending balance in both foreign currency and U.S. dollars. Attach statements where the form asks. The totals flow into the shareholder's tax return.
What information does IRS Form 5471-SP require?
It gathers the foreign corporation’s previously taxed earnings and profits in functional currency (Part I) and in U.S. dollars (Part II), including beginning balances, adjustments, reclassifications, and ending balances.
How do I complete IRS Form 5471-SP?
Enter the functional‑currency figures in Part I, filling lines 1a through 12 with balances, adjustments, reclassifications, and the ending balance, attaching statements where required. Then repeat the same set of entries in U.S. dollars in Part II. Ensure each line is completed before filing.
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