Form 5471 (Schedule P)-2025

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Schedule P (Form 5471) is a document used by U.S. shareholders of certain foreign corporations to report previously taxed earnings and profits (E&P). It includes sections for detailing adjustments, distributions, and inclusions related to E&P in both functional currency and U.S. dollars. The form is part of the IRS requirements for reporting foreign income and ensuring compliance with tax regulations.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the identifying number and the names of both the U.S. shareholder and the foreign corporation at the top of the form.
In Part I, fill out previously taxed earnings and profits (E&P) by entering amounts for distributions from lower-tier foreign corporations and any adjustments as required.
Continue through each line, ensuring you accurately report amounts reclassified under various sections, such as section 959(c)(1) and section 965.
For Part II, repeat similar steps for previously taxed E&P in U.S. dollars, ensuring all calculations are correct and consistent with your records.
Review all entries for accuracy before saving or exporting your completed form directly from our platform.

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Versions	Form popularity	Fillable & printable
2020	4.8 Satisfied (147 Votes)
2019	4.2 Satisfied (53 Votes)

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What schedules are included with form 5471?

The schedules are: Form 5471 Schedule A Stock of the Foreign Corporation. Form 5471 Schedule B U.S. Shareholders of Foreign Corporations. Form 5471 Schedule C Income Statement. Form 5471 Schedule E Income, War Profits, and Excess Profits Taxes Paid or Accrued. Form 5471 Schedule F Balance Sheet.

What is schedule P used for?

Use Schedule P (540), Alternative Minimum Tax and Credit Limitations Residents, to determine if: You owe AMT. Your credits must be reduced or eliminated entirely. Your credits may be limited even if you do not owe AMT, so be sure to complete Side 1 through Side 4 of Schedule P (540).

What are common mistakes when filing form 5471?

Common mistakes founders make with Form 5471 Filing the wrong scheduleseach filer category has its own required schedules, and missing one can lead to penalties. Incomplete or inaccurate financial datathe IRS expects detailed and accurate records, and estimates are not acceptable.

What is Schedule P of 5471?

Schedule P of Form 5471 is used to report previously taxed earnings and profits (PTEP) of a U.S. shareholder of a controlled foreign corporation (CFC). The term PTEP refers to earnings and profits (EP) of a foreign corporation.