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IRSExempt Organizations & Benefit Plans (5000 Series)

Official form guide

Form 5471SH1: 5471 (Schedule H-1)

Form 5471 Schedule H‑1 is a supplemental attachment to Form 5471 that reports a U.S. shareholder’s ownership of a controlled foreign corporation (CFC) that is a qualified electing fund (QEF). File it when you must disclose a QEF election for a passive foreign investment company (PFIC).

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Form Overview

IRS Form 5471SH1 - 5471 (Schedule H-1)

Form 5471 Schedule H‑1 is a supplemental attachment to Form 5471 that reports a U.S. shareholder’s ownership of a controlled foreign corporation (CFC) that is a qualified electing fund (QEF). File it when you must disclose a QEF election for a passive foreign investment company (PFIC).

It captures the election date, the shareholder’s percentage ownership, the PFIC’s name and EIN, and the amount of income reported under the QEF election.

Risk Radar

Scan points
  • 1A missing Schedule H‑1 can trigger a $10,000 penalty per year.
  • 2Leaving Schedule H‑1 off a required Form 5471
  • 3Mismatched ownership percentages between Form 5471 and Schedule H‑1
  • 4Incorrect election date or PFIC EIN
  • 5Using the wrong tax year for the QEF election

Plain English

If you own at least 10% of a foreign corporation that has elected to be treated as a QEF, the IRS wants a snapshot of that election. Schedule H‑1 is the page where you list the election details and the shareholder’s share of income. It’s a small, data‑only sheet that rides on the larger 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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Glossary Terms

investment companyownershipforeignincome

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What this form is for

  • Use when a U.S. shareholder has elected QEF treatment for a PFIC.
  • Do not use if the foreign corporation is not a PFIC or no QEF election was made.
  • Check Form 8865 if the foreign entity is a partnership instead of a corporation.

Form selector

Use this form or another form?

PFIC without QEF election

Reports income and gains directly to the shareholder

✓ Verify election status before filing

Form 8621

U.S. person owns 10%+ of a foreign corporation but not a PFIC

Different reporting schedule

✓ Confirm PFIC status first

Form 5471 (no Schedule H‑1)

Foreign partnership ownership

Partnership reporting rules differ

✓ Ensure partnership not mis‑classified as corporation

Form 8865

Deadline or filing window

Schedule H‑1 is due when the underlying Form 5471 is due—generally the same deadline as the shareholder’s individual return (April 15, or October 15 with a valid extension). If an extension is filed for the return, the Schedule H‑1 deadline extends automatically.

  • —Shareholder ownership % | Multiply PFIC total earnings by ownership % | Reported QEF income | Verify % is accurate to two decimals

Checklist

What you need before filling it out

1

Election date

QEF election letter from the PFIC · Tax return of election year

⚠ Often entered as the filing date instead of election date✕ High
2

PFIC EIN

Foreign corporation’s IRS‑issued EIN · PFIC’s annual statement

⚠ Typo in EIN digits✕ Medium
3

Ownership percentage

Shareholder’s stock ledger · Brokerage statements

⚠ Rounding errors common✕ Medium
4

Income reported

PFIC annual earnings statement · Form 8621 or PFIC’s financials

⚠ Forgetting to include foreign tax credits✕ High

Before you submit

  1. 1Confirm Schedule H‑1 is attached to the correct Form 5471.
  2. 2Verify the election date matches the QEF election letter.
  3. 3Check that the shareholder’s ownership percentage is accurate to two decimal places.
  4. 4Ensure the PFIC’s name and EIN are entered exactly as on the foreign corporation’s documents.
  5. 5Reconcile the QEF income amount with the PFIC’s annual earnings.
  6. 6Validate that the tax year on Schedule H‑1 matches the Form 5471 tax year.
  7. 7Sign the Form 5471 package; Schedule H‑1 does not have a separate signature line.
  8. 8If e‑filing, confirm the software attached Schedule H‑1 as a PDF.
  9. 9Mail to the address listed in the Form 5471 instructions if filing paper.
  10. 10Keep a copy of the QEF election letter with your records.
  11. 11Retain the completed Schedule H‑1 for at least seven years.

How to file this form

  1. 1Gather QEF election documentation and PFIC financial statements.
  2. 2Complete the main Form 5471 sections (Info, Shareholder, Income, etc.).
  3. 3Fill Schedule H‑1 with election date, ownership % and PFIC identifiers.
  4. 4Cross‑check all numbers between Form 5471 and Schedule H‑1 for consistency.
  5. 5Attach Schedule H‑1 to the Form 5471 packet.
  6. 6E‑file via approved software or mail the packet to the IRS address for Form 5471.
  7. 7Obtain a delivery confirmation (e‑file receipt or certified mail receipt).
  8. 8Store the full filing package in your tax records.

Known limitations

  1. 1The IRS does not provide a separate filing receipt for Schedule H‑1 alone.
  2. 2Form instructions do not specify a separate fee; any fee is part of the overall filing.
  3. 3Only the latest edition of Form 5471 (including Schedule H‑1) is accepted; older PDFs are rejected.
  4. 4The schedule does not capture foreign tax credit calculations; those belong on Form 1116.

Field map

Compact field-by-field guide

6 fields

General Info

2 items

Taxpayer Name and TIN

Full legal name and taxpayer identification number (SSN or EIN).

Requiredtext
Address

Current mailing address.

Requiredtext

Details

2 items

Required Information

Complete all applicable sections of this form according to the official IRS instructions.

Requiredtext
Amount (if applicable)

Enter the relevant dollar amount if this form involves tax calculation.

amount

Certification

1 items

Certification Statement

Read and acknowledge any certifications required by this form.

Requiredcheckbox

Signatures

1 items

Signature

Sign and date. Unsigned forms cannot be processed.

Requiredsignature
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Current form status
IRS

Form 5471 Schedule H‑1 is still an active attachment for the 2024 tax year. No recent revisions have been published beyond the 2023 edition.

What changed or needs a fresh check

  • Edition date: Verify you have the 2023 revision of Form 5471 Schedule H‑1
  • Fee: No filing fee for Schedule H‑1 itself
  • Mailing address: Use the address in the Form 5471 instructions for the tax year you are filing
  • E‑file capability: Confirm your tax software supports attaching Schedule H‑1
  • Signature requirement: Form 5471 must be signed; Schedule H‑1 inherits that requirement

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Quick Facts

U.S. persons who are shareholders of a CFC that have made a QEF election must file Schedule H‑1.
It captures the election date, the shareholder’s percentage ownership, the PFIC’s name and EIN, and the amount of income reported under the QEF election.
Attach Schedule H‑1 to the Form 5471 that is due with the shareholder’s income tax return (generally by the original filing deadline, including extensions).
Mail the completed Form 5471 package to the address listed in the Form 5471 instructions, or e‑file if the tax software supports the attachment.
Incorrect or missing Schedule H‑1 can trigger penalties for failure to disclose a QEF election, leading to interest and possible audit of the foreign income.
1. Gather the foreign corporation’s PFIC information and the QEF election documentation. 2. Complete Form 5471, then fill Schedule H‑1 with the election details. 3. Review all numbers for consistency with the corporation’s annual statements. 4. Attach Schedule H‑1 to Form 5471 and file with the shareholder’s Form 1040 filing.

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After you file

  1. 1Save the IRS acknowledgment (e‑file acceptance or certified mail receipt).
  2. 2File the QEF election letter and PFIC statements with your tax records.
  3. 3Monitor any IRS notices for missing Schedule H‑1 or data mismatches.
  4. 4Update your ownership ledger for the next tax year.
  5. 5If a penalty notice arrives, respond within the statutory period.
  6. 6Keep copies for at least seven years in case of audit.

Sources

  • SRCForm 5471 instructionsschedule H‑1 description and filing requirements
  • SRCIRS Publication 514QEF election rules
  • SRCIRS e‑file guidelinesattachment handling for Schedule H‑1
  • SRCIRS penalty guidelinesfailure to file required Schedule H‑1
  • SRCNot clearly stated in the provided official sourceexact penalty amount for missing Schedule H‑1
  • SRCNot clearly stated in the provided official sourcewhether Schedule H‑1 can be filed separately from Form 5471

Common confusion points

PFIC vs. CFC

Users think any foreign corporation is a PFIC

→ Verify PFIC status before using Schedule H‑1

Election date vs. filing date

The date of the QEF election, not the filing date, is required

→ Check the election letter

Ownership % rounding

Different systems round differently

→ Use two‑decimal precision consistently

E‑file attachment

Some software hides Schedule H‑1

→ Confirm the PDF is attached before final submission

Signature location

Schedule H‑1 has no signature line

→ Ensure the main Form 5471 is signed

Workflow map

Related forms and next steps

4 signals

Before

Form 8621 – used when a shareholder reports PFIC income without a QEF election

Current

5471SH1

After

Form 1116 – claim foreign tax credits for the QEF income reported on Schedule H‑1

Often used with

Form 5471 – Schedule H‑1 is an attachment to the full Form 5471 package

⚠ If something goes wrong

  • Form 2848 – power of attorney may be needed to respond to IRS notices about Schedule H‑1

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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