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5471 2023-2024 Form: What You Should Know
Form 5471 Filing For Filing Requirements for Tax Years 2. Tax year 2021. U.S. citizens and U.S. residents. C Entitled to Foreign Income Tax Credit Under Section 61 of the Internal Revenue Code (the Tax Code). C Entitled to Foreign Income Tax Credit Under Section 6131 of the Tax Code (the Tax Code). C Entitled to Foreign Income Tax Credit Under Section 6213 of the Tax Code (the Tax Code). The purpose of this form is to provide information for the purpose of determining the foreign income earned by a partnership, general partner in a partnership, or trust for each taxation year for which a partnership, general partner in a trust, or trust has made a distribution to individuals by reason of subsection (e). Form 5471 is not an appropriate filing for a partner or a trust unless the partnership, trust, or person holding interests in it made the following distributions to the individuals. Form 5471 is not a suitable filing for a partnership, general partner in a partnership, or trust unless the partner, trust, or other person holding interests in it reported foreign income subject to U.S. tax at a rate (on such income) for which the tax is the same or substantially less than his or her U.S. tax liability for the taxable period. Form 5471 is not appropriate for the sole benefit of a partner, general partner in a partnership, or trust; any other person holding interest in such partnership, trust, or person shall file Form 1040NR for the amount of such person's foreign income tax liability, other than income tax that is reported for purposes of determining the foreign income tax credit allowable under section 25 or under section 6131. Under Section 6132, a partnership shall file Form 5471 for income from sources outside, without regard to the partnership's capacity for U.S.
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