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Official form guide
Form 965-SF: 965 (Schedule F)
IRS Form 965 is for foreign corporations with respect to which the filer has a section 965(a) inclusion during its 2020 tax year. This form attaches to Form 965 and uses the December 2020 revision.
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IRS Form 965-SF - 965 (Schedule F)
IRS Form 965 is for foreign corporations with respect to which the filer has a section 965(a) inclusion during its 2020 tax year. This form attaches to Form 965 and uses the December 2020 revision.
Risk Radar
Scan points- 1Ensure the Tax Year End date is correctly entered for the DFIC on page 1.
- 2Filing without attaching Schedule F (Form 965) to the main Form 965.
- 3Entering an incorrect Country of Incorporation code on page 1.
- 4Failing to list all 15 lines of Section 965(a) Inclusion in U.S. Dollars.
- 5Not calculating or listing the Total from pass-throughs correctly (sum of lines 1–15).
Plain English
This form helps report foreign taxes that a domestic corporation is deemed to have paid. It details the income earned overseas, how much of it is included in U.S. taxable income, and the specific tax amounts related to that foreign earnings. The filer uses this document when reporting its 2020 financial activity.
Submission Date
- Filing date: 2020-11-13 22:10:28
- 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 a foreign corporation has a section 965(a) inclusion during its 2020 tax year.
- Do not use it when the filer does not have a section 965(a) inclusion for the 2020 tax year.
- Check Form 965 itself instead when attaching this Schedule F.
Form selector
Use this form or another form?
Filing as an individual foreign corporation
This form attaches to the main Form 965 for inclusion purposes.
✓ Check line (e)(1) on Schedule F.
Reporting earnings from a partnership DFIC
The K-1 issuer information is required if this corporation received it.
✓ Ensure EIN/Reference ID of K-1 Issuer is complete.
Filing for a sanctioned country DFIC
If the filer enters code 901j, they must specify the sanctioned country code here.
✓ Verify the correct country code against instructions.
Deadline or filing window
The filing period relates to the corporation's 2020 tax year. The specific deadline is not stated here, but it must be attached to Form 965, which governs the timing.
Checklist
What you need before filling it out
Name of person filing this return
Name of person filing this return · Line a (Page 1)
Country of Incorporation
Country codes · Line (d) (Page 1)
Section 965(a) Inclusion in U.S. Dollars
Dollar amount · Line (e)(1) (Page 1)
Opening Balance in Post-1986 Foreign Income Taxes
Tax amount · Column (h) (Page 2)
Taxes Deemed Paid
Calculated tax amount · Column (l) (Page 2)
Total from pass-throughs
Sum of lines 1–15 · Total line (Page 1)
Before you submit
- 1Verify the form is the Revision December 2020.
- 2Confirm the Name of person filing this return on line a matches the filer's name.
- 3If applicable, ensure the country code for the sanctioned country is entered on line (b) when code 901j is used on line (a).
- 4Ensure the EIN or Reference ID Number of the Foreign Corporation is listed on line (b).
- 5Confirm that Column (l), Taxes Deemed Paid, correctly reflects the multiplication of column (g) by column (k).
- 6Check that Line Total from pass-throughs accurately sums lines 1 through 15.
- 7If applicable, verify that Column (g) is capped at 100% when dividing column (e)(2) by column (f).
How to file this form
- 1Complete the Name of person filing this return and enter the appropriate Separate Category code on line a.
- 2Fill out all required identification numbers, including the EIN/Reference ID Number of the Foreign Corporation on line (b).
- 3Calculate and populate columns (h) through (l) on Page 2, ensuring Line Total from pass-throughs is correct on Page 1.
- 4Attach Schedule F to Form 965 and submit the entire package for processing.
Known limitations
- 1The form applies to foreign corporations for which the filer has a section 965(a) inclusion during its 2020 tax year.
- 2If code 901j is entered on line a of Schedule F (Form 965), the filer must enter the country code for the sanctioned country.
- 3The form requires specific codes to be entered in the 'Separate Category' field on line a.
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 current edition is Revision December 2020 (Rev. 12-2020). The source directs users to www.irs.gov/Form965 for instructions and the latest information.
What changed or needs a fresh check
- Edition date — confirm Revision December 2020.
- Form Number — confirm it reads Form 965 (Schedule F).
- Mailing address — Not stated in the official source.
- Signature — The form requires a signature, but the specific location is not detailed on Page 1 or Page 2 provided.
Quick Facts
Downloads
After you file
- 1Retain a copy of the completed Schedule F (Form 965) for records.
- 2Attach Schedule F (Form 965) to Form 965 when filing with the IRS.
- 3The form uses the December 2020 revision, so confirm this date on the document used.
- 4If entering data from pass-throughs, ensure the Total is calculated by summing lines 1 through 15.
Sources
- SRCSchedule F (Form 965) is used for foreign corporations with respect to which the filer has a section 965(a) inclusion during its 2020 tax year. [Form p.1]
- SRCThe form attaches to Form 965 and is titled Schedule F (Form 965). [Form p.1]
- SRCLine 'a' requires the Name of person filing this return and their Identifying number. [Form p.1]
- SRCIf code 901j is entered on line a, the filer must enter the country code for the sanctioned country. [Form p.1]
- SRCPage 2 contains fields for Post-1986 Undistributed Earnings in Functional Currency (line f) and Foreign Taxes Deemed Paid (column l). [Form p.2]
- SRCColumn (g) on page 2 is calculated by dividing Column (e)(2) by Column (f), capped at 100%. [Form p.2]
Common confusion points
What do I enter in 'Separate Category' (line a)?
The instructions direct the filer to see the form instructions for specific codes.
→ Confirm the code used aligns with the IRS guidance.
When should I use Schedule F (Form 965)?
It is required for foreign corporations that have a section 965(a) inclusion during their 2020 tax year.
→ Verify the filing year matches the form's applicability period.
What do the columns represent on page 2?
Column (e)(2) is Section 965(a) Inclusion in Functional Currency, while column (f) is Post-1986 Undistributed Earnings in Functional Currency.
→ Check that your data aligns with these definitions before filling.
How do I calculate the final 'Taxes Deemed Paid' on page 2?
Multiply Column (g) by Column (k).
→ Ensure both columns are correctly populated before performing this multiplication.
What is the difference between line (i) and line (j)?
Line (i) is Foreign Taxes Paid for Tax Year Indicated, while line (j) is Foreign Taxes Deemed Paid for Tax Year Indicated.
→ Determine which type of foreign tax payment applies to your situation.
Does this form apply if my tax year ends in 2019?
The excerpt specifies applicability during the '2020 tax year', but the instructions direct the filer elsewhere; however, it is applicable for the specified period.
→ Confirm that the Tax Year End date aligns with the scope of Form 965.
Workflow map
Related forms and next steps
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⚠ If something goes wrong
- The instructions direct the filer to www.irs.gov/Form965 for further guidance.
Questions about IRS Form 965-SF
What is IRS Form 965-SF used for?
This form helps report foreign taxes that a domestic corporation is deemed to have paid. It details the income earned overseas, how much of it is included in U.S. taxable income, and the specific tax amounts related to that foreign earnings. The filer uses this document when reporting its 2020 financial activity.
Who must file IRS Form 965-SF?
A foreign corporation must file Form 965 if the filer has a section 965(a) inclusion during its 2020 tax year.
What information does IRS Form 965-SF require?
The form collects information in several parts, including identifying details on page 1 (such as Name of person filing this return and Country of Incorporation), detailed inclusions in U.S. Dollars in the main table (lines 1–15), and breakdowns of foreign taxes paid/deemed paid across columns.
When is IRS Form 965-SF due?
The form is filed for a specific tax year, which is indicated on Schedule F (Form 965). The revision date indicates it is valid for the 2020 tax year.
Where do I file IRS Form 965-SF?
The instructions direct filers to go to www.irs.gov/Form965 for further guidance on where to send the return.
How do I complete IRS Form 965-SF?
The filer must complete identifying details first (like Name of person filing this return). Then, they populate the main table with inclusion amounts and tax data across lines 1 through 15. Finally, the form must be attached to Form 965.
What do I enter in 'Separate Category' (line a)?
The instructions direct the filer to see the form instructions for specific codes. Confirm the code used aligns with the IRS guidance.
When should I use Schedule F (Form 965)?
It is required for foreign corporations that have a section 965(a) inclusion during their 2020 tax year. Verify the filing year matches the form's applicability period.
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