What is Form 5471 and how can I complete it in Drake Tax?

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/entity must file this form, go to screen 5471 and enter the relevant information. The 5471 screen 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 IRS instructions for Form 5471.

Corrected Form 5471

To e-file a corrected Form 5471, follow these steps:

1040

Complete the steps to create an amended federal return (see KB 16841 for steps).
On the INFO screen, enter the appropriate Multi-form code for 5471 for which a corrected Form 5471 is being filed.
Select COR from the Supplemental Information Selection drop list.
Enter an Explanation identifying the changes.
Clear any red messages.
e-File the amended return with a corrected Form 5471.

1120, 1120-S, 1065, or 990

Complete the steps to create an amended federal return (see KB 10492 for steps).
On the SUPP screen, enter the appropriate Multi-form code for 5471 for which a corrected Form 5471 is being filed.
Select COR from the Supplemental Information Selection drop list.
Enter an Explanation identifying the changes.
Clear any red messages.
e-File the amended return with a corrected Form 5471.

A corrected Form 5471 can be e-filed starting with Drake23.