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Form 5471SI1: 5471 (Schedule I-1)
Treasury Internal Revenue Service Form 5471 (Schedule I-1) is used to provide information regarding Global Intangible Low-Taxed Income for a person filing Form 5471. The form revision date on file is December 2021.
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IRS Form 5471SI1 - 5471 (Schedule I-1)
Treasury Internal Revenue Service Form 5471 (Schedule I-1) is used to provide information regarding Global Intangible Low-Taxed Income for a person filing Form 5471. The form revision date on file is December 2021.
Risk Radar
Scan points- 1Ensure you combine lines 2a through 2e correctly to arrive at Total exclusions on Line 3.
- 2Failing to attach Schedule I-1 (Form 5471) to the main Form 5471 return.
- 3Incorrectly calculating Total exclusions by omitting any line from 2a through 2e.
- 4Entering a negative value for Tested interest expense on Line 9d when it should be zero or less.
- 5Not properly allocating deductions to the amount calculated on Line 4 (Gross income less total exclusions).
Plain English
This form helps report income generated by foreign corporations that falls under the rules of Global Intangible Low-Taxed Income (GILTI). It allows filers to detail how much income is taxed, what amounts are excluded from taxation, and calculate the final tested income. This information supports the main filing on Form 5471.
Submission Date
- Filing date: 2021-12-28 22:13:30
- 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 providing information for Global Intangible Low-Taxed Income that must be attached to Form 5471.
- Do not use this form when filing standalone income statements; it must accompany Form 5471.
- Check Form 5471 instead when reporting the primary information for Global Intangible Low-Taxed Income.
Form selector
Use this form or another form?
Filing required as part of a corporate tax return
This form provides the supporting income details for the corporation's global intangible low-taxed income.
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Filing related to partnership activity
Although not explicitly stated, this information relates to entity reporting that often accompanies Form 5471 filings.
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When required by IRS instructions for specific calculations
The form references its own instructions multiple times regarding income calculation rules.
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Not stated in the official source
Deadline or filing window
The source does not specify a trigger event for filing Form 5471 (Schedule I-1). However, the form must be attached to Form 5471. The instructions direct filers to www.irs.gov/Form5471 for specific deadlines and extension information.
Checklist
What you need before filling it out
Name of person filing Form 5471
The name of the individual filing the form · Line 1 (Top Section)
Identifying number
The filer's identifying number · Line 1 (Top Section)
EIN (if any)
Employer Identification Number of the foreign corporation · Line 1 (Top Section)
Gross income
Total income before exclusions, noting if cost of goods sold exceeds gross receipts · Line 1, Part 1
Tested income (loss)
The result of Gross income less total exclusions minus deductions properly allocable to that amount · Line 6
Before you submit
- 1Verify the Name of person filing and Identifying number are correctly entered.
- 2Confirm the Functional Currency Conversion Rate matches the required exchange rate.
- 3Ensure all specific exclusions (Lines 2a through 2e) are accounted for on Line 3.
- 4Check that Gross income less total exclusions (Line 4) is calculated accurately (Line 1 minus Line 3).
- 5Confirm Deductions properly allocable to the amount on line 4 are entered on Line 5.
- 6Verify Tested income (loss) on Line 6 matches the calculation (Line 4 minus Line 5).
- 7Ensure Tested interest expense (Line 9d) is recorded as -0- if it is zero or less.
How to file this form
- 1Enter identifying information, including Name of person filing and EIN, into the designated fields.
- 2Calculate and enter Gross income on Line 1, ensuring cost of goods sold is factored in if necessary.
- 3List all applicable Exclusions (Lines 2a through 2e) and sum them to determine Total exclusions on Line 3.
- 4Compute Gross income less total exclusions to find the amount on Line 4, then subtract properly allocable Deductions on Line 5 to arrive at Tested income (loss) on Line 6.
- 5Enter all remaining figures, such as QBAI (Line 8) and Tested interest income (Line 10c), ensuring negative values are marked with -0- when applicable.
- 6Sign the form before submitting it to complete the filing requirements.
Known limitations
- 1The form provides information for Global Intangible Low-Taxed Income and must be attached to Form 5471.
- 2When calculating gross income, instructions apply if the cost of goods sold exceeds gross receipts.
- 3Specific calculations require combining lines 2a through 2e to determine total exclusions on line 3.
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.
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Fillable formOpen in Editor->The current edition of Form 5471 (Schedule I-1) is Revision December 2021. The form directs users to www.irs.gov/Form5471 for instructions and the latest information.
What changed or needs a fresh check
- Edition date — confirm Revision December 2021 is printed on the form.
- OMB No. — confirm 1545-0123 is listed.
- Filer name/EIN — ensure the Name of person filing and Identifying number are present.
- Reference ID number — verify this number matches instructions or related filings.
Quick Facts
Downloads
After you file
- 1Keep a copy of the filed Form 5471 (Schedule I-1).
- 2The form is governed by OMB No. 1545-0123.
- 3If errors occur, instructions are available at www.irs.gov/Form5471 for guidance on correction.
- 4Use the current edition of Form 5471; the revision date on file is December 2021.
Sources
- SRCThe form is titled Schedule I-1 (Form 5471) and has a revision date of December 2021 [Form p.1].
- SRCIt must be attached to Form 5471 and can be accessed via www.irs.gov/Form5471 [Form p.1].
- SRCThe form includes fields for Name of person filing, Identifying number, Name of foreign corporation, EIN (if any), Reference ID number, and Separate Category [Form p.1].
- SRCGross income is reported on Line 1, with instructions to check if cost of goods sold exceeds gross receipts [Form p.1].
- SRCTotal exclusions are calculated by combining lines 2a through 2e onto Line 3 [Form p.1].
- SRCTested interest income (Line 10c) must be entered as -0- if the result from line 10a minus line 10b is zero or less [Form p.1].
Common confusion points
What do I include in 'Exclusions' (Line 2)?
The source lists five specific types of income that can be excluded: Effectively connected, Subpart F, High-tax exception, Related party dividends, and Foreign oil/gas extraction.
→ Ensure you check the instructions if COGS exceeds gross receipts for guidance.
When calculating 'Tested interest income' (Line 10c), what is the rule?
It is calculated as Line 10a minus Line 10b; if this result is zero or less, the filer must enter -0- on Line 10c.
→ Verify that you correctly subtracted Qualified interest income from Interest income included in line 4.
What does 'QBAI' represent?
QBAI stands for Qualified business asset investment and is reported on Line 8 of Form 5471.
→ Confirm the amount entered on Line 8 aligns with your calculations before moving to lines 9 and 10.
How do I determine my 'Tested interest expense' (Line 9d)?
It is calculated as Line 9a minus the sum of Line 9b and Line 9c; if this result is zero or less, the filer must enter -0- on Line 9d.
→ Pay close attention to whether you are subtracting QBAI from total interest expense (Line 9a).
What is the difference between 'Gross income' (Line 1) and 'Tested income' (Line 6)?
Gross income is the starting point; Tested income is what remains after subtracting all specified exclusions (Line 3) and deductions allocable to that gross income (Line 5).
→ Ensure Line 3 accurately sums up all applicable items from lines 2a through 2e.
Where do I find instructions for this form?
Instructions are available at www.irs.gov/Form5471, which also provides guidance on the latest information regarding Form 5471 (Schedule I-1).
→ Always check the IRS website to confirm if there have been revisions since the December 2021 edition.
Workflow map
Related forms and next steps
Before
Current
After
⚠ If something goes wrong
- Instructions for Form 5471 are available at www.irs.gov/Form5471.
Questions about IRS Form 5471SI1
What is IRS Form 5471SI1 used for?
This form helps report income generated by foreign corporations that falls under the rules of Global Intangible Low-Taxed Income (GILTI). It allows filers to detail how much income is taxed, what amounts are excluded from taxation, and calculate the final tested income. This information supports the main filing on Form 5471.
Who must file IRS Form 5471SI1?
A person must file IRS Form 5471 if they have foreign corporation income subject to GILTI rules. The form itself is a schedule attached to Form 5471.
What information does IRS Form 5471SI1 require?
The form collects details such as the Gross income (Line 1), various Exclusions (Lines 2a through 2e), and the resulting Tested income (loss) on Line 6. It also captures figures for Qualified Business Asset Investment (QBAI) on Line 8.
When is IRS Form 5471SI1 due?
The source does not state a specific filing deadline date or period, but it is attached to Form 5471, which requires the filer to go to www.irs.gov/Form5471 for instructions.
Where do I file IRS Form 5471SI1?
The form must be attached to Form 5471. The source directs filers to www.irs.gov/Form5471 for specific filing location details and the latest information.
How do I complete IRS Form 5471SI1?
First, the filer must complete identifying information like the Name of person filing and EIN. Next, they calculate Gross Income (Line 1) and total Exclusions (Line 3). Finally, the filer calculates Tested income on Line 6 and completes all related asset and tax figures before signing.
What happens if IRS Form 5471SI1 is filed incorrectly?
While the source does not list a specific penalty amount, failure to file correctly means providing inaccurate data regarding income subject to GILTI.
What do I include in 'Exclusions' (Line 2)?
The source lists five specific types of income that can be excluded: Effectively connected, Subpart F, High-tax exception, Related party dividends, and Foreign oil/gas extraction. Ensure you check the instructions if COGS exceeds gross receipts for guidance.
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