Form 5471 Schedule E part II and III - Election and Taxes for Which a Foreign Tax Credit is Disallowed

Enter data for Schedule E Part II and III manually in Organizer in 5471.
Part II and III information in the Passive and General Limitation baskets will be retained when information is transferred to Schedule E Part I through the International Compute > Transfer to US5471, US8865, US8858.
However, all data entered for a Section 901(j) basket (Parts I, II and III) will be deleted when the international transfer runs.
You must select the option
Schedule E & E-1
on the
INTL Transfer Options
page in Organizer on the 5471 navigation tree to retain Schedule E and E-1 information for a Section 901(j) basket by preventing additional transfers to the schedule from international computes. If you do not select the option, you will lose Organizer overrides (even if the Organizer field is locked) for Schedule E and E-1 you have entered, unless otherwise noted, the next time you run the international compute for the binder.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close