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Form 5471SH1: 5471 (Schedule H-1)
IRS Form 5471 is Schedule H-1, used to report a U.S. shareholder’s pro‑rata share of a controlled foreign corporation’s adjusted net income or loss for the corporate alternative minimum tax. The form must be attached to Form 5471.
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IRS Form 5471SH1 - 5471 (Schedule H-1)
IRS Form 5471 is Schedule H-1, used to report a U.S. shareholder’s pro‑rata share of a controlled foreign corporation’s adjusted net income or loss for the corporate alternative minimum tax. The form must be attached to Form 5471.
Risk Radar
Scan points- 1Leaving the pro‑rata share on line 5 blank invalidates the filing.
- 2Failing to enter the AFS currency in field a.
- 3Omitting the exchange rate in field b for converting AFS to U.S. dollars.
- 4Leaving the exchange rate in field c for functional currency conversion blank.
- 5Not reporting net income or loss on line 1.
Plain English
Schedule H-1 tells the IRS how much of a foreign corporation’s profit or loss belongs to a U.S. shareholder for the alternative minimum tax. You fill in the foreign currency, exchange rates, the corporation’s net income, any adjustments, and then calculate the shareholder’s share. The completed schedule is sent together with Form 5471.
Submission Date
- Filing date: 2024-12-09 22:10:37
- 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 a U.S. shareholder’s pro‑rata share of a controlled foreign corporation’s adjusted net income or loss for corporate alternative minimum tax.
- Do not use it when the Schedule H‑1 is not attached to Form 5471 as required.
- Check Form 5471 instead when attaching Schedule H‑1 to the overall filing.
Form selector
Use this form or another form?
Reporting a CFC with no adjusted net income or loss
Schedule H‑1 is unnecessary because there is no net income or loss to report
✓ Verify that line 1 is zero before proceeding
Filing a corporate AMT return without a U.S. shareholder
Schedule H‑1 applies only to U.S. shareholders of CFCs
✓ Confirm shareholder status
Submitting a consolidated financial statement for a CFC
Consolidated statements are reported on line 2b of Schedule H‑1
✓ Ensure line 2b is completed
Deadline or filing window
Not stated in the official source.
Checklist
What you need before filling it out
Name of person filing Form 5471
Printed name of the filer · Top of the form header
Identifying number of filer
Social Security Number or ITIN · Top of the form header
Name of U.S. shareholder
Shareholder’s legal name · Section below filer’s name
Reference ID number
Unique identifier for the CFC · Line labeled “Reference ID number”
AFS currency
Currency code used in the foreign statement · Line a under exchange rate section
Exchange rate used for converting from AFS currency to U.S. dollars
Numeric rate · Line b under exchange rate section
Net income or (loss) set forth on the applicable financial statement
Dollar amount from foreign statements · Line 1
Filer’s pro rata share of line 4 in U.S. dollars
Calculated share amount · Line 5
Before you submit
- 1Enter the name of the person filing Form 5471
- 2Enter the filer’s identifying number
- 3Enter the name and identifying number of the U.S. shareholder
- 4Enter the foreign corporation’s name and EIN (if any)
- 5Enter the Reference ID number as instructed
- 6Enter the AFS currency and both exchange rates
- 7Complete line 1 with net income or loss from the foreign statement
- 8Complete any applicable adjustment lines (2a‑2m)
- 9Calculate line 4 by combining line 1 and line 3
- 10Enter the filer’s pro‑rata share on line 5
- 11Attach Schedule H‑1 to Form 5471
- 12Sign the form before mailing
How to file this form
- 1Fill out all required identification fields on Schedule H‑1
- 2Enter the AFS currency and both exchange rates
- 3Report net income or loss and any adjustments, then compute line 4
- 4Calculate and enter the filer’s pro‑rata share on line 5
- 5Attach the completed Schedule H‑1 to Form 5471
- 6Sign the combined package
- 7Mail the package to the IRS address indicated for Form 5471
- 8Retain a copy of the filed Schedule H‑1 for your records
Known limitations
- 1The form edition shows revision date 12/2024; verify it remains current because later revisions could alter required fields or calculations.
- 2OMB No. 1545-0123 appears on the form; confirm this number matches the latest IRS guidance before submitting the schedule.
- 3Schedule H‑1 must be attached to Form 5471; failing to attach it results in incomplete filing and may trigger processing delays.
- 4Both exchange rate fields (AFS to USD and functional currency) must be entered; omitting either field commonly leads to calculation errors flagged by the IRS.
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 edition (12/2024) and directs filers to www.irs.gov/Form5471 for the latest information.
What changed or needs a fresh check
- Edition date — confirm the form revision reads 12/2024
- OMB number — confirm OMB No. 1545-0123 appears on the form
- Attachment requirement — confirm Schedule H‑1 is attached to Form 5471
- Exchange rate fields — confirm both AFS and functional currency exchange rates are entered as instructed
Quick Facts
Downloads
After you file
- 1Sign the completed Schedule H‑1 and Form 5471 before mailing; retain signed copies for your records in case the IRS requests verification later.
- 2After filing, monitor IRS correspondence for any notices; promptly respond to requests for additional information to avoid penalties or filing rejections.
- 3Periodically verify that the edition date remains 12/2024; if a newer revision appears, update your schedule to reflect any changed instructions.
- 4Confirm OMB No. 1545-0123 still matches current IRS publications; discrepancies may indicate that a newer form version has been released requiring resubmission.
Sources
- SRCForm p.1 — SCHEDULE H-1 (Form 5471) (December 2024)
- SRCForm p.1 — Pro Rata Share of CFC Adjusted Net Income or Loss for Corporate Alternative Minimum Tax
- SRCForm p.1 — Attach to Form 5471.
- SRCForm p.1 — OMB No. 1545-0123
- SRCForm p.1 — Cat. No. 94752N
- SRCForm p.1 — Go to www.irs.gov/Form5471 for instructions and the latest information.
- SRCForm p.1 — For Paperwork Reduction Act Notice, see instructions.
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Questions about IRS Form 5471SH1
What is IRS Form 5471SH1 used for?
Schedule H-1 tells the IRS how much of a foreign corporation’s profit or loss belongs to a U.S. shareholder for the alternative minimum tax. You fill in the foreign currency, exchange rates, the corporation’s net income, any adjustments, and then calculate the shareholder’s share. The completed schedule is sent together with Form 5471.
What information does IRS Form 5471SH1 require?
The form collects the foreign currency (field a), exchange rates (fields b and c), net income or loss on line 1, any adjustments on lines 2a‑2m, the combined adjusted amount on line 4, and the filer’s pro‑rata share on line 5.
How do I complete IRS Form 5471SH1?
Enter the AFS currency in field a, then the exchange rates in fields b and c. Report the corporation’s net income or loss on line 1. List any applicable adjustments on lines 2a‑2m, combine them on line 3, and add to line 1 to get the adjusted amount on line 4. Compute the pro‑rata share on line 5 and attach Schedule H‑1 to Form 5471 before filing.
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