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Form 5471-SQ: 5471 (Schedule Q)
IRS Form 5471 (Schedule Q) is an attachment to Form 5471 that reports Controlled Foreign Corporation (CFC) Income by CFC Income Groups for the Department of the Treasury. This revision date reads 12/2024.
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IRS Form 5471-SQ - 5471 (Schedule Q)
IRS Form 5471 (Schedule Q) is an attachment to Form 5471 that reports Controlled Foreign Corporation (CFC) Income by CFC Income Groups for the Department of the Treasury. This revision date reads 12/2024.
Risk Radar
Scan points- 1Ensure you complete a separate Schedule Q for every applicable category of income listed on Form 5471.
- 2Failing to complete a separate Schedule Q for each applicable income category.
- 3Entering amounts in U.S. Dollars when functional currency is required (unless noted).
- 4Not indicating whether the form covers U.S. source or Foreign source income on Line D.
- 5Omitting the Country Code for specific income groups where required.
Plain English
This form helps report how much money a foreign corporation controlled by a U.S. person earned. It breaks down this income into specific categories, like dividends or interest. Filers must enter amounts in the foreign corporation's functional currency unless otherwise noted on Schedule Q (Form 5471).
Submission Date
- Filing date: 2024-12-04 22:11:06
- 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 Controlled Foreign Corporation (CFC) Income by CFC Income Groups as an attachment to Form 5471.
- Do not use it when reporting income that is neither U.S. source nor foreign source income, unless the instructions provide an exception.
- Check Form 5471 instead when completing the main tax return form this Schedule Q attaches to.
Form selector
Use this form or another form?
Reporting Foreign Base Company Income
Use if income falls under specific categories like FBC Sales or Services.
✓ Check lines g, h, i, j on Page 3.
Completing for Non-FOGEI/FORI Income
Select the appropriate box on Line D if the income is not Foreign Original/Foreign Related Income.
✓ Ensure Line A reflects the correct category code.
Reporting Specific Tax Items
Use this form to detail items like High Tax Election or Loss Allocation for a specific group.
✓ Verify these entries on Pages 2 and 4.
Deadline or filing window
The form is attached to Form 5471, and the source does not state a specific filing deadline date. However, it must be completed using the current edition, which has a revision date of December 2024.
Checklist
What you need before filling it out
Line A (Category Code)
Enter the appropriate category code. · Page 1
Line D Checkbox
Indicate if completing for U.S. source income or Foreign source income. · Page 1
Column (ii) Gross Income
Enter amounts in functional currency of the foreign corporation. · Pages 1, 2, 3, 4
Line g-m (Income Groups)
Detail specific income types like FBC Sales or Bribes/Kickbacks. · Page 3
Column (xiii) Foreign Taxes for Credit Allowed
Enter amounts in U.S. Dollars. · Pages 2, 4
Before you submit
- 1Complete a separate Schedule Q for each applicable category of income.
- 2Enter the correct Category Code on Line A if filing multiple schedules.
- 3Indicate whether this Schedule Q pertains to U.S. source or Foreign source income by checking the box on Line D.
- 4Ensure all amounts are entered in the functional currency of the foreign corporation (unless noted otherwise).
- 5Verify that Column (xii) Foreign Taxes for Which Credit Allowed is listed in U.S. Dollars.
- 6Confirm Net Income After Loss Allocation (Column xi minus Column xv) on Page 2/4 matches calculations.
- 7Review Line A, B, C to ensure the correct grouping code or country code is entered if applicable.
How to file this form
- 1Complete a separate Schedule Q for each applicable income category by filling out the required lines and groups.
- 2Indicate whether the schedule covers U.S. source or Foreign source income by checking Line D, and enter supporting codes on Lines A/B/C if necessary.
- 3Enter all amounts in the functional currency of the foreign corporation into Columns (ii) through (vii), ensuring Page 2/4 totals are populated.
- 4Sign and submit this Schedule Q as an attachment to Form 5471, keeping a copy for records.
Known limitations
- 1A separate Schedule Q must be completed for each applicable category of income.
- 2If a category code of 'PAS' is entered on line A, an applicable grouping code must also be entered.
- 3If the code '901j' is entered on line A, the country code for the sanctioned country must be entered.
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 is Revision December 2024, and the instructions direct users to www.irs.gov/Form5471 for the latest information.
What changed or needs a fresh check
- Edition date — confirm the revision reads December 2024.
- Form number — confirm the title is Schedule Q (Form 5471).
- Mailing address — Not stated in the official source.
- Signature — Not specified as required on this schedule alone, but signing Form 5471 is implied.
Quick Facts
Downloads
After you file
- 1Keep a copy of the completed Schedule Q (Form 5471) as it attaches to Form 5471.
- 2Enter amounts in functional currency of the foreign corporation unless otherwise noted on the form.
- 3If completing for FOGEI or FORI income, check the designated box on line E.
- 4Refer to the instructions for details regarding Computer-Generated Schedule Q.
Sources
- SRCForm p.1 — The official title is 5471 (Schedule Q) and it attaches to Form 5471.
- SRCInstructions p.1 — A separate Schedule Q must be completed for each applicable category of income.
- SRCInstructions p.1 — If code '901j' is entered on line A, the country code for the sanctioned country must be entered.
- SRCForm p.2 — Net Income After Loss Allocation is calculated as column (xi) minus column (xv).
- SRCForm p.3 — Amounts are to be entered in functional currency of the foreign corporation unless otherwise noted.
- SRCForm p.4 — The calculation for Net Income After Loss Allocation repeats on Page 4, using columns (xi), (xii), and (xv).
Common confusion points
What currency must I use when filling out the amounts?
The form requires amounts to be entered in the functional currency of the foreign corporation, unless a specific note dictates otherwise.
→ Check line E and the general instructions.
Do I need one Schedule Q or multiple?
A separate Schedule Q must be completed for each applicable category of income on Form 5471.
→ Review Line A to see which category code you are completing.
What do 'FOGEI' and 'FORI' mean in this context?
These terms refer to Foreign Owned/Controlled Entity Income or Foreign Related Party Income, requiring a specific completion method for the Schedule Q.
→ Look at Lines D and E on Page 1.
Where do I find the codes needed for lines A and B?
The instructions provide guidance on entering the separate category code (Line A) and the applicable grouping code when 'PAS' is used (Line B).
→ Consult the official instructions referenced on Form p.1.
What happens if my income is a mix of U.S. and foreign source?
Complete a separate Schedule Q for U.S. source income and another separate Schedule Q for Foreign source income (with an exception noted in the instructions).
→ Check Line D on Page 1.
What does 'Net Income After Loss Allocation' represent?
This is calculated by subtracting column (xv) High Tax Election from column (xi) Net Income, as shown on Pages 2 and 4.
→ Verify this calculation against the columns provided.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- The instructions reference a Computer-Generated Schedule Q, which is an alternative version of this form.
Questions about IRS Form 5471-SQ
What is IRS Form 5471-SQ used for?
This form helps report how much money a foreign corporation controlled by a U.S. person earned. It breaks down this income into specific categories, like dividends or interest. Filers must enter amounts in the foreign corporation's functional currency unless otherwise noted on Schedule Q (Form 5471).
Who must file IRS Form 5471-SQ?
A person filing Form 5471 must complete a separate Schedule Q for each applicable category of income.
What information does IRS Form 5471-SQ require?
The form collects details such as the Country Code, Gross Income, Definitely Related Expenses, and specific income groups like Subpart F Income (e.g., Dividends, Interest, Rents, Royalties, & Annuities). It also tracks various taxes and asset values across different units.
Where do I file IRS Form 5471-SQ?
The form must be submitted by going to www.irs.gov/Form5471 for instructions and the latest information on submission methods.
How do I complete IRS Form 5471-SQ?
First, a filer must enter the Name of person filing and their Identifying number. Then, they select whether the Schedule Q is for U.S. source income or Foreign source income (Line D). Finally, amounts are entered into functional currency across various Income Groups (Lines 1 through k) before signing.
What happens if IRS Form 5471-SQ is filed incorrectly?
While specific penalties are not detailed, failure to complete this attachment correctly impacts the filing of Form 5471 itself.
What currency must I use when filling out the amounts?
The form requires amounts to be entered in the functional currency of the foreign corporation, unless a specific note dictates otherwise. Check line E and the general instructions.
Do I need one Schedule Q or multiple?
A separate Schedule Q must be completed for each applicable category of income on Form 5471. Review Line A to see which category code you are completing.
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