Schedule H (Form 5471): Current Earnings and Profits

Schedule H (Form 5471), Current Earnings and Profits, is one of the schedules filed with Form 5471. The About Form 5471 page says it is used to report the foreign corporation's current earnings and profits (E&P) for U.S. tax purposes. The form says to attach it to Form 5471.

The schedule starts from the corporation's net income or loss per its foreign books of account, then adds and subtracts adjustments to reach current earnings and profits under U.S. financial and tax accounting standards. The result is split by income category and translated into U.S. dollars.

The form says to enter the amounts on lines 1 through 5c in functional currency. This page covers the December 2021 revision. You can fill out the PDF free in your browser on this page and download it without an account.

What's on Schedule H (Form 5471)

Header

Name and identifying number of the person filing Form 5471, and the foreign corporation's name, EIN if any and reference ID number.

Line 1: net income per foreign books

The current year net income or loss per the foreign corporation's books of account.

Line 2: adjustments

Net additions and net subtractions for capital gains or losses, depreciation and amortization, depletion, investment or incentive allowance, statutory reserves, inventory, income taxes, foreign currency gains or losses and other items.

Lines 3 to 5b: current E&P

Total net additions, total net subtractions, current earnings and profits on line 5a, and the DASTM gain or loss on line 5b.

Lines 5c to 5e: categories and dollars

The combined amount split into general, passive and section 901(j) categories, then current earnings and profits in U.S. dollars and the exchange rate used.

How to fill out Schedule H (Form 5471)

1
Header
Enter the filer's name and identifying number, then the foreign corporation's name, EIN if any and reference ID number.
2
Line 1 in functional currency
Enter the net income or loss per the foreign books of account. The form says lines 1 through 5c are in functional currency.
3
Line 2 adjustments
Enter each adjustment as a net addition or net subtraction. For income taxes on line 2g, the form points to Schedule E. For other items on line 2i, it says to attach a statement.
4
Lines 3 to 5a
Total the additions on line 3 and the subtractions on line 4. Line 5a is line 1 plus line 3 minus line 4.
5
Lines 5b and 5c
Enter any DASTM gain or loss, combine it with line 5a on line 5c, then split line 5c by category. The form says each category amount also goes on the applicable Schedule J, Part I, line 3, column (a).
6
Lines 5d and 5e
Translate line 5c into U.S. dollars at the average exchange rate, as defined in section 989(b)(3) and the related regulations, and enter the rate used on line 5e.

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Where it goes and related schedules

Attach to Form 5471

The form says to attach it to Form 5471. It has no separate filing address or deadline of its own.

Instructions

The form says to go to www.irs.gov/Form5471 for instructions and the latest information. The About Form 5471 page lists Instructions for Schedule H (Form 5471) as a separate PDF.

Links to Schedules E and J

Line 2g refers to Schedule E for income taxes, and the line 5c category amounts carry to Schedule J, Part I, line 3, column (a).

Revision

The PDF is the December 2021 revision. The About Form 5471 page links to all Form 5471 revisions.

Who completes Schedule H (Form 5471)?

Form 5471 filers
The header asks for the name of the person filing Form 5471 and that person's identifying number. The schedule is attached to that Form 5471.
Reported for one foreign corporation
The header also asks for the name of the foreign corporation, its EIN if any, and a reference ID number, which the form says to see the instructions for.
Corporations that use DASTM
Line 5b is for the DASTM gain or loss of foreign corporations that use DASTM. The form says to see the instructions for that line.
Income tied to sanctioned countries
Line 5c(iii) has four rows for the section 901(j) category, each with the country code of a sanctioned country and the amount for that country.

The schedule is completed by the person filing Form 5471. The About Form 5471 page says certain U.S. citizens and residents who are officers, directors or shareholders in certain foreign corporations file Form 5471 and its schedules.

Official sources and the blank

Official IRS form page
The agency’s own page for Form 5471 Sch. H.
Blank PDF
The official blank form, to print or fill by hand.

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Questions about Form 5471 Sch. H

Who files Schedule H (Form 5471)?

The person filing Form 5471 attaches it. The About Form 5471 page says certain U.S. citizens and residents who are officers, directors or shareholders in certain foreign corporations file Form 5471 and its schedules.

What currency are the amounts in?

The form says lines 1 through 5c are in functional currency. Line 5d gives the U.S. dollar amount and line 5e the exchange rate used.

Where does line 5c go?

The form says the general, passive and section 901(j) category amounts are also entered on the applicable Schedule J, Part I, line 3, column (a).

Where are the instructions?

The form points to www.irs.gov/Form5471. The About Form 5471 page lists separate Instructions for Schedule H (Form 5471).

Schedule H (Form 5471): Current Earnings and Profits