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17238: Form 5471 Schedule Q


Fed Returns Generally

For what is Schedule Q of Form 5471 used and how do I include it with an e-filed return?

 

Schedule Q is used to report Controlled Foreign Corporation (CFC) income by CFC income groups. This information is required by T.D. 9882, which finalized Regulations sections 1.960-1 through 1.960-3. This information is also required by Regulations section 1.951A-2(c)(1)(iii) and proposed Regulations section 1.861-20(d)(3)(i). On this new Schedule Q, the CFC income in each CFC income group of the CFC is reported to the U.S. shareholders of the CFC so that the U.S. shareholders can use it to properly complete Form 1118 (to compute the high-tax exception, high-tax kickout, and section 960 deemed paid taxes).

For tax year 2020 this schedule is attached as a PDF. There are two options of attaching this form as a PDF.

  1. Generate Schedule Q by completing screen SchQView the return and attach Schedule Q as a PDF using "Attach PDF" icon.
      • The form will be generated only for the following categories of filer: 1a, 1b, 5a, 5b, and 4.
      • This option will available at the end of May 2021.
    • Complete Schedule Q using the blank form available under Tools > Blank Forms or the IRS fillable PDF. Then follow the instructions on PDF Attachments screen to attach the completed form as a PDF.

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