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Generating Form 5471 category 3 filer statement of indebtedness with a foreign corporation

SOLVEDby IntuitProConnect Tax1Updated September 21, 2022

Follow these steps to generate the statement of indebtedness with a foreign corporation in :

  1. Go to the Input Return tab.
  2. Select Miscellaneous Forms from the life-side menu and choose Inf Return of U.S. Persons (5471).
  3. Select Information of U.S. Persons from the dropdown menu.
  4. Locate the Filer's Information section.
  5. Click in the field for Category 3 filers - additional filing requirements to expand it.
  6. Enter the required information in each field.
    • If you want to generate a statement for filing purposes only (substantiation only), you only need to enter a "-1" in the Amount of Indebtedness field and the Name of Subscriber. This will generate a statement with basic information.
  7. Click OK.
 

If the Category 3 filers - additional filing requirements field isn't completed, the program will generate the following diagnostic: Category 3 Additional Information schedule was not completed for Form 5471 #X. This schedule is required for category 3 filers. Ref. 2008641.  

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