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Official form guide
Form 5471-SQ: 5471 (Schedule Q)
IRS Form 5471 (Schedule Q) is attached to Form 5471 and reports CFC income by income groups. Filers must enter amounts in the foreign corporation’s functional currency on the schedule.
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IRS Form 5471-SQ - 5471 (Schedule Q)
IRS Form 5471 (Schedule Q) is attached to Form 5471 and reports CFC income by income groups. Filers must enter amounts in the foreign corporation’s functional currency on the schedule.
Risk Radar
Scan points- 1Omitting required statements for other expenses can trigger penalties.
- 2Omitting the category code on line A, which identifies the income group for Schedule Q.
- 3Failing to indicate whether the Schedule Q covers U.S. source or foreign source income on line D.
- 4Not checking the box on line E when the Schedule Q is for FOGEI or FORI income.
- 5Leaving required expense columns blank, such as Definitely Related Expenses or Research & Experimental Expenses.
Plain English
Schedule Q tells the IRS how much income a controlled foreign corporation earned and what expenses it had. You fill it out for each type of income and show the numbers in the corporation’s own currency. The schedule is part of the overall Form 5471 filing.
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 income groups on Schedule Q attached to Form 5471.
- Do not use it when reporting income that is not categorized under CFC income groups or when filing a different type of return.
- Check Form 5471 instead when filing the overall report for the foreign corporation rather than just the detailed Schedule Q.
Form selector
Use this form or another form?
Reporting CFC income on the main Form 5471 without a separate Schedule Q
Schedule Q is required for detailed income group breakdown
✓ Confirm Schedule Q is attached
Reporting only U.S. source income on Schedule Q
Line D must indicate U.S. source vs foreign source
✓ Verify correct source indicator is selected
Reporting income for a sanctioned country under code 901(j)
Line C requires the specific country code for sanctioned country
✓ Ensure correct country code is entered
Deadline or filing window
Not stated in the official source
Checklist
What you need before filling it out
Category code (line A)
Category code list · Schedule Q instructions page
Grouping code (line B)
Grouping code list (if PAS) · Schedule Q instructions page
Country code for sanctioned country (line C)
Country code list · Schedule Q instructions page
Source indicator (U.S. or Foreign) (line D)
Indication of source type · Schedule Q line D
FOGEI/FORI checkbox (line E)
Checkbox selection · Schedule Q line E
Before you submit
- 1Verify the correct category code is entered in line A.
- 2If category code is “PAS”, enter the appropriate grouping code in line B.
- 3If category code is “901j”, enter the sanctioned country code in line C.
- 4Indicate whether the schedule covers U.S. source or foreign source income in line D.
- 5Check the box in line E when reporting FOGEI or FORI income.
- 6Enter all amounts in the foreign corporation’s functional currency as required.
- 7Attach any required statements for “Other Expenses” or “Other Foreign Personal Holding Company Income”.
- 8Ensure the schedule is attached to Form 5471 before filing.
- 9Retain a copy of the completed Schedule Q for your records.
How to file this form
- 1Enter the appropriate category code in line A of Schedule Q and retain a copy as proof of filing.
- 2If the category code is “PAS”, enter the grouping code in line B and retain a copy as proof of filing.
- 3If the category code is “901j”, enter the sanctioned country code in line C and retain a copy as proof of filing.
- 4Indicate U.S. source or foreign source income in line D and retain a copy as proof of filing.
- 5Check the box in line E for FOGEI or FORI income when applicable and retain a copy as proof of filing.
- 6Enter all amounts in the foreign corporation’s functional currency as required and retain a copy as proof of filing.
- 7Attach Schedule Q to Form 5471 and keep the combined package as proof of filing.
- 8Mail the package to the IRS address listed in the Form 5471 instructions and obtain a mailing receipt as proof of filing.
Known limitations
- 1Applies only to CFC income groups — source indicates the schedule reports CFC Income by CFC Income Groups (Form p.1).
- 2Must be attached to Form 5471 — source states "Attach to Form 5471" (Form p.1).
- 3Requires a separate Schedule Q for each applicable category of income — source says "Complete a separate Schedule Q with respect to each applicable category of income" (Form p.1).
- 4Requires separate Schedule Qs for U.S. source and foreign source income unless an exception applies — source notes "Complete a separate Schedule Q for U.S. source income and foreign source income (see instructions for an exception)" (Form p.1).
- 5Requires a separate Schedule Q for FOGEI or FORI income — source instructs "Complete a separate Schedule Q for FOGEI or FORI income" (Form p.1).
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 2024 revision (Rev. December 2024) and the source directs users to www.irs.gov/Form5471 for the latest information; no changes are described in the source.
What changed or needs a fresh check
- Edition date — confirm the revision reads December 2024
- OMB number — confirm OMB No. 1545-0123 is shown
- 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 a signed copy of the completed Schedule Q with your records.
- 2Retain any attached statements for the income groups for the period required by the IRS.
- 3Verify that Schedule Q was attached to the filed Form 5471.
- 4If an error is discovered, file an amended Form 5471 with a corrected Schedule Q.
Sources
- SRCForm p.1 — Attach to Form 5471.
- SRCForm p.1 — Complete a separate Schedule Q with respect to each applicable category of income.
- SRCForm p.1 — Complete a separate Schedule Q for U.S. source income and foreign source income (see instructions for an exception).
- SRCForm p.1 — Complete a separate Schedule Q for FOGEI or FORI income.
- SRCForm p.1 — Enter amounts in functional currency of the foreign corporation (unless otherwise noted).
- SRCForm p.1 — Enter separate category code with respect to which this Schedule Q is being completed.
Common confusion points
Do I need a Schedule Q for each income category?
The form requires a separate Schedule Q per applicable category code.
→ Verify that a distinct Schedule Q is attached for each category code entered on line A.
Should I file one Schedule Q for both U.S. and foreign source income?
The form mandates separate schedules for U.S. source and foreign source income unless an exception applies.
→ Check line D to confirm the source designation and ensure a separate schedule if needed.
Is Schedule Q required for FOGEI or FORI income?
The form includes a specific box to indicate FOGEI/FORI income.
→ Ensure the box on line E is checked when reporting such income.
Can I report amounts in U.S. dollars instead of the corporation’s functional currency?
The instructions state amounts must be entered in the functional currency unless noted otherwise.
→ Confirm that all figures are entered in the foreign corporation’s functional currency.
What does the category code ‘PAS’ mean?
The form references a grouping code for ‘PAS’ but requires consulting the instructions for the code definition.
→ Review the instructions for code ‘PAS’ to enter the correct grouping code on line B.
Do I need to report income from sanctioned countries?
If code ‘901j’ is entered, the form asks for the country code for the sanctioned country.
→ Verify that a country code is provided on line C when using code ‘901j’.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 1040X – file an amended individual return to correct Schedule Q reporting errors.
Questions about IRS Form 5471-SQ
What is IRS Form 5471-SQ used for?
Schedule Q tells the IRS how much income a controlled foreign corporation earned and what expenses it had. You fill it out for each type of income and show the numbers in the corporation’s own currency. The schedule is part of the overall Form 5471 filing.
What information does IRS Form 5471-SQ require?
Schedule Q collects the category code (line A), optional grouping code (line B), and country code for sanctioned countries (line C). It then gathers gross income, related expenses, interest expenses, R&E expenses, and other expenses for each Subpart F income group and foreign base company income group, plus current‑year taxes and foreign tax credits.
How do I complete IRS Form 5471-SQ?
Prepare a separate Schedule Q for each applicable category of income. Enter the appropriate category code on line A and, if needed, the grouping or country code on lines B or C. Indicate whether the schedule covers U.S. or foreign source income and, if required, check the box for FOGEI or FORI income. Record all amounts in the foreign corporation’s functional currency, completing the Subpart F income groups (a‑f) and foreign base company income groups (g‑k) with the required unit names and attach any statements for other expenses. Review the schedule for completeness before attaching it to Form 5471.
Do I need a Schedule Q for each income category?
The form requires a separate Schedule Q per applicable category code. Verify that a distinct Schedule Q is attached for each category code entered on line A.
Should I file one Schedule Q for both U.S. and foreign source income?
The form mandates separate schedules for U.S. source and foreign source income unless an exception applies. Check line D to confirm the source designation and ensure a separate schedule if needed.
Is Schedule Q required for FOGEI or FORI income?
The form includes a specific box to indicate FOGEI/FORI income. Ensure the box on line E is checked when reporting such income.
Can I report amounts in U.S. dollars instead of the corporation’s functional currency?
The instructions state amounts must be entered in the functional currency unless noted otherwise. Confirm that all figures are entered in the foreign corporation’s functional currency.
What does the category code ‘PAS’ mean?
The form references a grouping code for ‘PAS’ but requires consulting the instructions for the code definition. Review the instructions for code ‘PAS’ to enter the correct grouping code on line B.
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