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Troubleshooting diagnostic ref. 2007939 - stock reported in Section A (5471) in ProConnect

SOLVEDby IntuitUpdated June 29, 2023

The following e-file critical diagnostic is generating in the Corporate return in ProConnect:

e-file: Form 5471 #X:  The description of stock reported in Section A, Stock of the Foreign Corporation must be either Common, Preferred or Treasury for electronic filing purposes. (ref. #2007939)

This diagnostic may generate if you typed the Description for the Stock Information (Ctrl+E) field instead of selected from the dropdown menu.

Follow these steps to resolve this diagnostic:

  1. From the Input Return tab, go to Miscellaneous Forms Inf. Return of U.S. Persons (5471) Information of U.S. Persons.
  2. Ensure that you are in the tab for the correct Filer.
  3. Go to the Foreign Corporation tab.
  4. Scroll down to the Schedule A - Stock of the Foreign Corporation section.
  5. Click on the Stock Information (Click on button to expand) and it will open a details window. 
  6. In the Description field, choose either CommonPreferred, or Treasury from the drop down menu.
  7. Repeat step 8 for each entry in this screen, if there are multiple entries.
  8. Click Ok.

 

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