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Official form guide
Form 5471SI1: 5471 (Schedule I-1)
Internal Revenue Service Form 5471 is used to report a foreign corporation’s global intangible low‑taxed income and related tax items, and must be attached to Form 5471. The form is revised as of December 2021.
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IRS Form 5471SI1 - 5471 (Schedule I-1)
Internal Revenue Service Form 5471 is used to report a foreign corporation’s global intangible low‑taxed income and related tax items, and must be attached to Form 5471. The form is revised as of December 2021.
Risk Radar
Scan points- 1Not stated in the official source.
- 2Leaving the functional currency conversion rate blank.
- 3Omitting the foreign corporation’s EIN when one exists.
- 4Failing to enter a separate category code in the designated field.
- 5Not attaching Schedule I‑1 to the main Form 5471 as required.
Plain English
This form tells the IRS about the income, deductions, and taxes of a foreign corporation that you own or control. It breaks down gross income, exclusions, and the amount of tax that was paid abroad.
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 attaching Schedule I-1 to Form 5471.
- Do not use it when you are not attaching it to Form 5471.
- Check Form 5471 instead when you need the main filing for global intangible low‑taxed income.
Form selector
Use this form or another form?
Reporting GILTI for a foreign corporation
Required to attach Schedule I-1 for GILTI calculations
✓ Verify that Schedule I-1 is included
Filing a consolidated return for a controlled foreign corporation
Schedule I-1 is part of the filing package for foreign corporation reporting
✓ Ensure the correct Schedule I-1 version
Amending previously filed foreign corporation information
Use Schedule I-1 to update GILTI data on the amended return
✓ Confirm amendment references the original filing
Deadline or filing window
Not stated in the official source.
Checklist
What you need before filling it out
Name of person filing Form 5471
Taxpayer's legal name · Top of Schedule I-1
Identifying number
Social Security Number or EIN of filer · Top of Schedule I-1
Functional Currency Conversion Rate
Current USD conversion rate · Line near top of Schedule I-1
Gross income (line 1)
Total gross income of foreign corporation · Line 1 on Schedule I-1
Tested income (line 6)
Calculation of line 4 minus line 5 · Line 6 on Schedule I-1
Before you submit
- 1Enter the filer’s name in the "Name of person filing Form 5471" field.
- 2Provide the filer’s identifying number in the "Identifying number" field.
- 3Enter the foreign corporation’s name and EIN (if any) in the appropriate fields.
- 4Supply the Reference ID number as instructed.
- 5Select and enter the appropriate Separate Category code.
- 6Enter the functional currency conversion rate in U.S. dollars.
- 7Calculate and fill Gross income on line 1.
- 8Attach the completed Schedule I-1 to the main Form 5471 before filing.
How to file this form
- 1Complete Schedule I-1 with all required data.
- 2Attach Schedule I-1 to the primary Form 5471.
- 3Sign the combined filing as required.
- 4Make a copy of the signed package for records.
- 5Mail the package to the IRS address indicated in the instructions.
- 6Obtain a delivery receipt as proof of filing.
Known limitations
- 1The form’s revision reads Rev. December 2021; verify that a newer edition has not been released before filing your Schedule I‑1.
- 2OMB number 1545-0123 must appear on the form; confirm it matches the current instruction page to avoid processing delays.
- 3Fee, mailing address, and signature fields are not stated in the official source; you must check the IRS website for any required details.
- 4Functional currency conversion rate, foreign corporation EIN, and separate category code are required entries; leaving any blank triggers common filing risks.
- 5Lines 9d and 10c require a “‑0‑” indicator for zero or negative values; ensure you follow this rule to prevent errors.
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 Schedule I-1 (Form 5471) is revised as of December 2021. The form directs users to www.irs.gov/Form5471 for the latest instructions and information.
What changed or needs a fresh check
- Edition date — confirm the revision reads Rev. December 2021
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — Not stated in the official source
- OMB number — confirm OMB No. 1545-0123 is present
- Website — confirm the instruction URL www.irs.gov/Form5471 is listed
Quick Facts
Downloads
After you file
- 1Keep the signed Schedule I‑1 and attached Form 5471 for at least three years after the filing date
- 2Store a copy of the filed return in a secure location for future reference
- 3If filed electronically, retain the electronic filing confirmation; if mailed, keep the mailing receipt
- 4To correct a mistake, submit a revised Form 5471 with an updated Schedule I‑1 as instructed in the IRS instructions
Sources
- SRC[Form p.1] — title line reads 'SCHEDULE I-1 (Form 5471) (Rev. December 2021)'.
- SRC[Form p.1] — instruction 'Attach to Form 5471.'
- SRC[Form p.1] — website direction 'Go to www.irs.gov/Form5471 for instructions and the latest information.'
- SRC[Form p.1] — OMB No. 1545-0123.
- SRC[Form p.1] — Cat. No. 71400M.
- SRC[Form p.1] — field label 'Functional Currency Conversion Rate U.S. Dollars'.
Common confusion points
What line reports gross income?
Gross income is the total before any exclusions, shown on line 1 of Schedule I‑1.
→ Verify that the amount entered matches the corporation’s total receipts before deductions
How are total exclusions calculated?
Total exclusions combine lines 2a through 2e on Schedule I‑1.
→ Sum the amounts from lines 2a‑2e and ensure the total appears on line 3
What does line 4 represent?
Line 4 is gross income less total exclusions (line 1 minus line 3).
→ Confirm that line 4 equals line 1 minus line 3
Where do I enter qualified business asset investment?
QBAI is entered on line 8 of Schedule I‑1.
→ Check that the QBAI amount matches the calculated qualified assets
How is tested income computed?
Tested income (loss) on line 6 equals line 4 minus line 5.
→ Verify that line 6 equals line 4 minus line 5
What is the purpose of line 9d?
Line 9d shows tested interest expense, calculated as line 9a minus the sum of lines 9b and 9c; enter –0– if zero or less.
→ Ensure the calculation follows the formula and enter –0– when result is non‑positive
Workflow map
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Questions about IRS Form 5471SI1
What is IRS Form 5471SI1 used for?
This form tells the IRS about the income, deductions, and taxes of a foreign corporation that you own or control. It breaks down gross income, exclusions, and the amount of tax that was paid abroad.
What information does IRS Form 5471SI1 require?
It collects the filer’s name, identifying number, foreign corporation EIN, reference ID, separate category code, functional currency conversion rate, and detailed amounts for gross income, exclusions, deductions, tested income, and related tax items.
How do I complete IRS Form 5471SI1?
Enter the name of the person filing and their identifying number at the top of Schedule I‑1. Provide the foreign corporation’s EIN, reference ID number, and separate category code, then enter the functional currency conversion rate. Report gross income on line 1, list each exclusion on lines 2a‑2e, calculate total exclusions on line 3, and continue through lines 4‑10c to compute tested income and related interest amounts. Attach the completed Schedule I‑1 to the accompanying Form 5471 before filing.
What line reports gross income?
Gross income is the total before any exclusions, shown on line 1 of Schedule I‑1. Verify that the amount entered matches the corporation’s total receipts before deductions
How are total exclusions calculated?
Total exclusions combine lines 2a through 2e on Schedule I‑1. Sum the amounts from lines 2a‑2e and ensure the total appears on line 3
What does line 4 represent?
Line 4 is gross income less total exclusions (line 1 minus line 3). Confirm that line 4 equals line 1 minus line 3
Where do I enter qualified business asset investment?
QBAI is entered on line 8 of Schedule I‑1. Check that the QBAI amount matches the calculated qualified assets
How is tested income computed?
Tested income (loss) on line 6 equals line 4 minus line 5. Verify that line 6 equals line 4 minus line 5
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