Form 5471 is used by certain U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations. Form 5471 is e-filed with the return, when present.

If the taxpayer or entity must file this form, go to screen 5471 and enter the relevant information. The 5471screen is accessible from the Foreign tab in data entry. Additional screens related to Form 5471 are also available on the Foreign tab and should be completed if applicable (available screens vary depending on return type).

For details on using this form, see the Form 5471 Instructions.

Corrected Form

A corrected Form 5471 can be e-filed starting with Drake Tax 2023. To e-file a corrected Form 5471, follow these steps:

1040

1. Complete the steps to create an amended federal return (see Drake Tax - 1040: Generating an Amended Return (Drake19 and future) for steps).

2. On the INFO screen, enter the appropriate Multi-form code for 5471 for which a corrected Form 5471 is being filed.

3. Select COR from the Supplemental Information Selection drop list.

4. Enter an Explanation identifying the changes.

5. Clear any red messages.

6. e-File the amended return with a corrected Form 5471.

1120, 1120-S, 1065, or 990​​

1. Complete the steps to create an amended federal return (see Drake Tax - Amended 990, 1041, 1065, 1120, 1120-S Returns and e-Filing for steps).

2. On the SUPP screen, enter the appropriate Multi-form code for 5471 for which a corrected Form 5471 is being filed.

3. Select COR from the Supplemental Information Selection drop list.

4. Enter an Explanation identifying the changes.

5. Clear any red messages.

6. e-File the amended return with a corrected Form 5471.