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Official form guide
Form 5471-SP: 5471 (Schedule P)
Treasury Internal Revenue Service Form 5471 (Schedule P) is used to report Previously Taxed Earnings and Profits of a U.S. Shareholder of Certain Foreign Corporations; this edition requires attaching it to the main Form 5471.
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IRS Form 5471-SP - 5471 (Schedule P)
Treasury Internal Revenue Service Form 5471 (Schedule P) is used to report Previously Taxed Earnings and Profits of a U.S. Shareholder of Certain Foreign Corporations; this edition requires attaching it to the main Form 5471.
Risk Radar
Scan points- 1Ensure you select the correct code for 'a' (line a) as this dictates how other data is interpreted.
- 2Omitting the country code if code 901j is entered on line 'a'.
- 3Failing to combine lines correctly (e.g., not combining 1a and 1b for Adjusted beginning balance).
- 4Not attaching a statement when required for Beginning balance adjustments or Other adjustments.
- 5Using the wrong currency in Part I instead of the functional currency.
Plain English
This form helps taxpayers account for money that was already taxed in a foreign company but belongs to a U.S. shareholder. It tracks how those previously taxed earnings and profits (E&P) are classified, adjusted, and distributed each year. The information is essential for correctly reporting income derived from international investments.
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 the filing is related to a specific situation that requires Part II calculations in U.S. Dollars, but you are only dealing with functional currency adjustments (use Part I).
- Check Form 5471 instead when submitting the main document to which this Schedule P attaches.
Deadline or filing window
The official source does not provide a specific triggering event or deadline date. However, since it attaches to Form 5471, its filing timing will align with that form's requirements. No extension period is detailed in the provided excerpt.
Checklist
What you need before filling it out
Name of person filing
Name of the individual or entity submitting Form 5471 · Line a (Top)
EIN (if any)
The Employer Identification Number for the foreign corporation · Line a (Top)
Line 6, Part I Total PTEP
Sum of lines 1c through 5 in Part I · Page 1/2
Line 12, Part II Balance at beginning of next year
Sum of lines 6 through 11 in Part II · Page 3/4
Section 959(c)(1) PTEP (Part I)
Amount reclassified to section 959(c)(1) E&P from section 959(c)(2) E&P · Line 9, Part I
Code entry on line a
A specific code (e.g., 901j) indicating special status · Line a (Top)
Before you submit
- 1Confirm the Name of person filing and their Identifying number are accurately listed on line a.
- 2If applicable, confirm the EIN for the foreign corporation is present on line a.
- 3Verify that if code 901j is used on line a, the corresponding country code is entered on line b.
- 4Ensure all amounts in Part I (Functional Currency) are totaled correctly to Line 6.
- 5Confirm the adjustments listed in lines 3 through 5 of Part II have been included in the total calculation for Line 6.
- 6Check that the final balance on Line 12 matches the closing balance required by your tax filing instructions.
- 7Verify that any necessary supporting statements (for items like line 1b or line 5) are attached to Form 5471.
How to file this form
- 1Complete Part I, detailing Previously Taxed E&P in Functional Currency, ensuring all adjustments lead to the total on Line 6.
- 2Complete Part II, detailing Previously Taxed E&P in U.S. Dollars, following the same adjustment structure as Part I, leading to the total on Line 6 (Part II).
- 3Review lines like 10 (Parts I & II) to ensure amounts reclassified into section 959(c)(1) E&P are correctly documented.
- 4Calculate and record the final balance at the beginning of next year on Line 12 for both Part I and Part II.
- 5Sign the form before sending, ensuring all fields are filled accurately based on the required information.
- 6Keep a copy of the completed Form 5471 (Schedule P) for your records.
Known limitations
- 1The form reports Previously Taxed Earnings and Profits (E&P) of a U.S. Shareholder of Certain Foreign Corporations, indicating it is not for all types of foreign corporate income.
- 2If code 901j is entered on line a, the filer must enter the country code for the sanctioned country.
- 3The form requires attachment to Form 5471 itself.
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 current edition of Form 5471 (Schedule P) is Revision December 2020. The form directs users to www.irs.gov/Form5471 for the latest information, indicating potential updates beyond this revision.
What changed or needs a fresh check
- Edition date — confirm the revision reads December 2020.
- OMB No. — confirm the form bears OMB No. 1545-0123.
- Mailing address — Not stated in the official source.
- Signature — Not stated in the official source (but required before sending).
- Form Purpose — Confirm the purpose is 'Previously Taxed Earnings and Profits of U.S. Shareholder of Certain Foreign Corporations'.
- Part I/II Denomination — confirm Part I is 'Functional Currency' and Part II is 'U.S. Dollars'.
Quick Facts
Downloads
After you file
- 1Retain a copy of the completed Form 5471 (Schedule P) for records.
- 2The filing is tied to the main Form 5471, so retain that form as well.
- 3Use the current edition, which is Revision December 2020 (Rev. 12-20).
- 4If errors occur, reference instructions available at www.irs.gov/Form5471 for corrections.
Sources
- SRCLine a (Name of person filing): Form p.1
- SRCCode 901j requirement: Form p.1
- SRCPart I (Functional Currency) balance at beginning of year: Form p.1, Line 1a
- SRCPart II (U.S. Dollars) balance at beginning of year: Form p.3, Line 1a
- SRCTotal PTEP in Part I: Form p.1, Line 6 (and Form p.2, Line 6)
- SRCTotal PTEP in Part II: Form p.3, Line 6 (and Form p.4, Line 6)
- SRCReclassification types are listed across both parts: e.g., Section 965(a) PTEP is on Form p.1/p.2 and Form p.3/p.4.
- SRCThe form revision date is December 2020 (Rev. 12-20): Form p.1
- SRCThe general purpose of the form is to report Previously Taxed E&P: Form p.1
Common confusion points
What do the different line items in Part I and Part II represent?
The form tracks various types of Previously Taxed E&P (PTEP) across two sections: Functional Currency (Part I) and U.S. Dollars (Part II).
→ Check lines 1a through 12 to see which specific PTEP category is being reported.
When should I use Part I versus Part II of Form 5471 (Schedule P)?
Part I reports PTEP in Functional Currency, while Part II reports the same amounts in U.S. Dollars.
→ Ensure you align the corresponding line numbers across both parts for consistency.
What is the difference between 'Total previously taxed E&P' and 'Balance at beginning of next year'?
Total PTEP (Line 6 in Part I, Line 6 in Part II) is the sum of all adjustments for the current period; Balance at beginning of next year (Line 12) is the resulting carryover balance.
→ Verify that the calculation on Line 12 correctly combines Lines 1c through 5.
What does 'Reclassified section 965(a) PTEP' mean?
This refers to Previously Taxed E&P that has been reclassified under Section 965(a).
→ Confirm if the income being reported falls under this specific statutory classification.
Do I need a separate statement for every adjustment?
No, but lines like 'Beginning balance adjustments' (1b) and 'Other adjustments' (5/11) require an attached statement to detail those changes.
→ Review line 1b and 5/11; if the amount is not zero, attach supporting documentation.
Can I enter a code on Line a without specifying a country?
Yes, but if code 901j is entered on line a, you must provide the country code for the sanctioned country.
→ If using code 901j, check that the corresponding country code is present in the designated field.
Workflow map
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⚠ If something goes wrong
- Referencing instructions at www.irs.gov/Form5471 for guidance.
Questions about IRS Form 5471-SP
What is IRS Form 5471-SP used for?
This form helps taxpayers account for money that was already taxed in a foreign company but belongs to a U.S. shareholder. It tracks how those previously taxed earnings and profits (E&P) are classified, adjusted, and distributed each year. The information is essential for correctly reporting income derived from international investments.
Who must file IRS Form 5471-SP?
A person must file Form 5471 (Schedule P) when they have Previously Taxed Earnings and Profits of a U.S. Shareholder of Certain Foreign Corporations.
What information does IRS Form 5471-SP require?
Part I collects the Previously Taxed E&P in Functional Currency, while Part II details this same information in U.S. Dollars. Key lines include recording the Balance at beginning of year (Line 1a) and identifying specific reclassification amounts for sections like 965(a).
When is IRS Form 5471-SP due?
The official source does not state a specific filing deadline, but it governs reporting related to the tax period being filed.
Where do I file IRS Form 5471-SP?
The instructions direct filers to go to www.irs.gov/Form5471 for information on where to send it; no specific mailing address is listed in the excerpt.
How do I complete IRS Form 5471-SP?
First, complete Part I using the functional currency amounts. Next, fill out Part II detailing those same amounts in U.S. Dollars. The form requires entering identifying information on line 'a' before completing these parts and must be attached to Form 5471.
What happens if IRS Form 5471-SP is filed incorrectly?
Filing incorrectly means failing to accurately report Previously Taxed E&P, which impacts the shareholder's overall tax liability related to foreign corporations.
What do the different line items in Part I and Part II represent?
The form tracks various types of Previously Taxed E&P (PTEP) across two sections: Functional Currency (Part I) and U.S. Dollars (Part II). Check lines 1a through 12 to see which specific PTEP category is being reported.
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