This Schedule H-1 Form 5471 guide explains the IRS Pro Rata Share of CFC Adjusted Net Income Loss for Corporate Alternative Minimum Tax. Schedule H-1 for Form 5471 concerns the pro rata share of CFC adjusted net income or loss for corporate alternative minimum tax. Its purpose differs from the current earnings and profits computation on Schedule H. Applicability and adjustments must follow the specialized instructions.
Reviewed October 31, 2026. This is an independent guide. The version and availability information below identifies the IRS documents used for this page.
What Schedule H-1 Form 5471 does and who prepares it
A required filer supplies the CFC adjusted net income or loss information relevant to the corporate alternative minimum tax rules.
For the connected reporting route, see Form 5471. Keep the role of that document separate from the task explained on this page.
| Official form | Form 5471 (Schedule H-1) |
|---|---|
| IRS title | Pro Rata Share of CFC Adjusted Net Income Loss for Corporate Alternative Minimum Tax |
| Guide period | the applicable reporting period |
| Target version | Dec 2024 |
| Availability | Current IRS catalog PDF |
| Last checked | October 31, 2026 |
Get the Schedule H-1 Form 5471 PDF and check its status
Use the IRS source to confirm the document before completing a real filing. The download link is a reference to the official file; it is not a statement that every copy inside the PDF may be printed and submitted. Follow any instructions about electronic filing, scannable copies, recipient copies or attachments.
Which version of Schedule H-1 Form 5471 should you use?
This form follows a revision or continuing-use format rather than a new title for every calendar year. Check the revision printed on the document and the period requested inside it. A revision date, transaction date and tax year are different pieces of information. The current document should be read with the instructions that apply to the actual transaction or return.
Records to gather for Schedule H-1 Form 5471
- CFC financial information.
- Ownership and pro rata share records.
- CAMT adjustment workpapers.
- Applicable reporting-category analysis.
- Corporate return information.
Keep a working reconciliation with these records. It should show the source of each reported item, any correction made before filing and the reason a different amount appears on a connected form. This is especially useful when a statement is corrected or a prior-year balance continues into the current calculation.
How to work through Schedule H-1 Form 5471
- Confirm applicability. Start with the purpose, filer category and version of the form. Complete any eligibility or applicability question before spending time on the numerical calculation.
- Prepare the source workpapers. Gather the records listed below and reconcile their totals. Keep prior-year balances, current-year transactions and estimated payments separate where they serve different purposes.
- Complete dependent calculations first. When a line refers to another form, schedule or worksheet, finish that supporting calculation first. Preserve any classification, limitation and carryforward information.
- Follow the line sequence. Use the actual line labels and arithmetic in the applicable form. A line number from an older version may refer to something different after a revision.
- Reconcile the filing package. Check names, identifying numbers, tax periods, totals and required attachments. Then use the filing method, signature process and deadline that apply to this filer and form.
Form-specific IRS instructions and reporting details
The following points retain the operative wording of the IRS documents linked above. Read each point with its stated conditions and the applicable form version. References to another form or section describe a connected requirement; they do not mean that every reader must file every referenced document.
Enter the principal business activity code number and the description of the activity from the list at the end of these instructions.
The foreign corporation’s functional currency is determined under section 985. Enter the applicable three-character alphabet code for the foreign corporation’s functional currency using the ISO 4217 standard. These codes are available at six-group.com/en/productsservices/financial-information/datastandards.html#scrollTo=currency-codes. Click on List One (XLS). Regulations sections 1.6038-2(h) and 1.6046-1(g) require that certain amounts be reported in U.S. dollars and/or in the foreign corporation’s functional currency. The specific instructions for the affected schedules state these requirements. Special rules apply for foreign corporations that use the U.S. dollar approximate separate transactions method of accounting (DASTM) under Regulations section 1.985-3.
See Schedule C, Schedule F, and Schedule H, later.
Note: If any person (including the filer) is both a U.S. shareholder and a direct shareholder of the foreign corporation, that person’s information should be provided in both Schedule B, Part I and Part II.
Category 3 and 4 filers must complete Schedule B, Part I, for U.S. persons that owned (at any time during the annual accounting period), directly or indirectly through foreign entities, 10% or more of the total combined voting power of all classes of stock entitled to vote of the foreign corporation, or 10% or more of the total value of shares of all classes of stock of the foreign corporation.
Additional reporting conditions
A person that is both a category 3 and category 5 filer because the person is treated as a U.S. shareholder under section 953(c)(1)(A) with respect to the foreign corporation must complete Schedule B, Part I, for U.S. persons that owned (on the last day of the foreign corporation’s tax year), directly or indirectly through foreign entities, any of the foreign corporation’s outstanding stock. Column (e). Enter each shareholder’s allocable percentage of the foreign corporation’s subpart F income.
Category 1a, 1c, 3, 4, 5a, and 5c filers must complete Part II. Report the direct shareholders of the foreign corporation. In the case of a CFC owned by an FDE, please include the information of the FDE and the regarded entity owner. Indicate the regarded entity owner’s name in parentheses after the FDE’s name. If there is more than one regarded entity owner, use separate lines for each, listing each regarded entity owner in column (a) and reporting the information requested in columns (b), (c), and (d) for each such regarded entity owner.
Category 4 filers should list all direct owners of the CFC. Category 1a, 3, and 5a filers should list all direct owners of the SFC or CFC through which such filer indirectly owns the SFC or CFC as described in section 958(a)(2). Category 1c and 5c filers should list all direct owners of the SFC or CFC from which such filer is attributed ownership in the SFC or CFC as described in section 958(b). If the filer is a direct owner, include the filer’s direct ownership.
Calculations and supporting information
Check the “Yes” box if the foreign corporation is the tax owner of an FDE or FB. The “tax owner” of an FDE is the person that is treated as owning the assets and liabilities of the FDE for purposes of U.S. income tax law.
If the foreign corporation is the tax owner of an FDE or FB and you are a Category 4, 5a, or 5c filer of Form 5471, you are required to attach Form 8858 to Form 5471. If you are required to attach Form 8858 to Form 5471, the amounts reported on certain schedules on Form 8858 must be included in determining the amounts reported on the equivalent schedules as follows.
Exceptions and related reporting
If the foreign corporation paid or accrued any interest or royalty (including in the case of a foreign corporation that is a partner in a partnership, the foreign corporation’s allocable share of interest or royalty paid by the partnership) for which a deduction is disallowed under section 267A, check “Yes” for question 5a and enter the total amount for which a deduction is not allowed on line 5b.
The amount reported on line 5b should not include disallowed deductions attributable to interest or royalty paid or accrued by a U.S. taxable branch of the foreign corporation; such amounts are reported on Form 1120-F. Interest or royalty paid or accrued by a foreign corporation (including through a partnership) is subject to section 267A, provided in general that the foreign corporation is a CFC (and there are one or more U.S. tax residents that own, directly or indirectly, at least 10% of the stock of the CFC).
Section 267A disallows a deduction for certain interest or royalty paid or accrued pursuant to a hybrid arrangement, to the extent that, under the foreign tax law, there is not a corresponding income inclusion (including long-term deferral). For more detailed instructions, see the instructions for Form 1120, Schedule K, Question 21.
Further form details
A foreign corporation may qualify as an expatriated foreign subsidiary under Regulations section 1.7874-12(a)(9) if such foreign corporation is a CFC with respect to which an expatriated entity, as defined in Regulations section 1.7874-12(a)(8), is a U.S. shareholder. Certain transactions involving an expatriated foreign subsidiary and/or its U.S. shareholders may be subject to special rules.
If the answer to Question 10 is “Yes,” attach a statement providing the name and EIN of the domestic corporation or partnership, as defined in Regulations section 1.7874-12(a)(6), and the relationship of the foreign corporation to the domestic corporation or partnership.
Further form details
Schedule H-1 to them to assist them in completing their tax return. Filing requirements for persons identified in item H.
Except for members of the filer’s consolidated return group, all persons identified in item H must attach a statement to their tax returns that includes the following information. • The name, address, and EIN (or reference ID number) of the foreign corporation(s). • A statement that their filing requirements with respect to the foreign corporation(s) have been or will be satisfied. • The name, address, and identifying number of the taxpayer on the return with which the information was or will be filed. • The IRS Service Center where the return was or will be filed.
If the return was or will be filed electronically, enter “e-file.” Exception. If the person who is filing Form 5471 on behalf of others is married to a person identified in item H and they are filing Form 1040 jointly, the statement described above does not have to be attached to the jointly filed Form 1040. Caution: All persons identified in item H must complete a separate Schedule P (Form 5471) if the person is a U.S. shareholder described in Category 1a, 1b, 4, 5a, or 5b.
In such a case, the Schedule P must be attached to the statement described above.
Further form details
Use Schedule H-1 to report the CFC’s adjusted net income or loss for corporate alternative minimum tax (CAMT) purposes. Enter the amounts on lines 1 through 2m in the currency in which the item originates (that is, applicable financial statement (AFS) currency, functional currency, or U.S. dollars).
Reading the lines and boxes
These selected labels come from the linked target PDF. They are a reading aid, not a replacement for the full line instructions or a completed calculation. Match the label and document version before transferring any amount.
| Line or box | Label in the source form | What to check |
|---|---|---|
| 1 | Net income or (loss) set forth on the applicable financial | Identify the income or transaction category before entering a total. Preserve the distinction between gross amounts, adjustments and the resulting taxable or reportable figure. |
| 2 | Adjustments made to line 1 (see instructions): | Check the applicable line instructions and keep the source workpaper with the return records. Transfer only the information that matches the field and reporting period. |
| 3 | Combine lines 2a through 2m (in U.S. dollars) | Check the applicable line instructions and keep the source workpaper with the return records. Transfer only the information that matches the field and reporting period. |
| 4 | CFC adjusted net income or loss in U.S. dollars (combine line 1 and line 3) | Identify the income or transaction category before entering a total. Preserve the distinction between gross amounts, adjustments and the resulting taxable or reportable figure. |
| 5 | Filer’s pro rata share of line 4 in U.S. dollars | Check the applicable line instructions and keep the source workpaper with the return records. Transfer only the information that matches the field and reporting period. |
A practical example
A corporate filer reviews a CFC for corporate minimum-tax reporting. The preparer identifies the required adjusted net income information and ownership share rather than simply copying the earnings and profits schedule.
This example illustrates the order of the review. It does not assume an unverified deduction, exemption, treaty rate or final tax amount. The applicable form instructions and the actual records determine the result.
Common mistakes to avoid with Schedule H-1 Form 5471
- Do not substitute earnings and profits for the required adjusted net income measure.
- Check corporate minimum-tax applicability.
- Reconcile the pro rata share information with the relevant owner calculations.
Questions about Schedule H-1 Form 5471
Does receiving or downloading this form mean I must file it?
A required filer supplies the CFC adjusted net income or loss information relevant to the corporate alternative minimum tax rules. The form purpose and the applicable filing or furnishing conditions determine the action. Downloading a blank PDF does not itself create a filing obligation or establish eligibility for a tax benefit.
Is the revision date always the same as the tax year?
No. Some forms show a tax year, while continuing-use forms show a revision date and ask separately for the reporting period. Check the actual document and instructions. Do not relabel a payment or transaction solely because it was reported in a later calendar year.
What should I do if the underlying information is wrong?
Do not substitute earnings and profits for the required adjusted net income measure. Keep the original record and the correction trail. The issuer correction process, an amended return and an updated certificate can be different procedures. Choose the process that matches the document and the actual error.
Which records should I keep with the completed form?
Retain the source documents, applicable worksheets, submitted version and filing or furnishing confirmations. For this form, the working file should include CFC financial information, ownership and pro rata share records, CAMT adjustment workpapers. Keep continuing balances and prior-year support for as long as they remain relevant under the applicable recordkeeping rules.
Related forms and next steps
Use these guides when the connected issue applies to your records. Each page has its own purpose, reporting year and availability status.