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A schedule J is intended for those who hold high positions or own 10% or more shares in a foreign corporation. It aims to report the accumulated earnings of a person in a managing position, given the position was occupied for more than 30 days during the tax year.
The template is one-page long and features a lot of calculations. It consists of personal information and seven sections that aim to get various calculations on earnings made overseas. Don’t forget to add everything in US dollars. Follow the instructions to avoid mistakes, and date and sign the document to validate it.
When Should Form 5471 Schedule J Be Filed?
The document should be filed with an income tax return by the due date of April 15th. If you claim for an extension, file both samples by October 15th. Any deadline violations will result in penalties. The price of the penalty depends on the total sum of the income.
Where Should Form 5471 Schedule J Be Submitted?
Both the blank itself and J version should be submitted to the IRS. You can either file it online or send it by mail to the IRS’s postal address.
In summary: Form 5471 Schedule J
Both samples are extremely important. While the template features additional documents, the J version relates to earnings made overseas in foreign corporations.