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- Where to report the net profit from form 5471 US shareholder owned (100%) foreign Company
Where to report the net profit from form 5471 US shareholder owned (100%) foreign Company
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skyworks
Level 5
06-23-2023
09:46 PM
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Anyone knows how it flows or do I manually enter to 1040? If yes, where to enter on 1040, Schedule 1?
I am preparing the tax return, the taxpayer owned (100%) a foreign company had net loss since 2016,
the 5471 filed. But 2022 the company start had a net income of $12k (reported on Sch C ).
I also reported on Sch H and Sch I-1, but I do not see the net income flow to 1040.
The company is buy product from manufactory then sell to retail.
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