This Schedule I-1 Form 5471 guide explains the IRS Information for Global Intangible Low-Taxed Income. The current schedule is titled Information for Global Intangible Low-Taxed Income. It provides CFC information used in the applicable shareholder-level computation. Changes to section 951A terminology or law must be reviewed against the operative form year and final instructions rather than assumed from a familiar prior-year label.
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 I-1 Form 5471 does and who prepares it
A required Form 5471 filer supplies the information called for by the applicable section 951A reporting instructions.
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 I-1) |
|---|---|
| IRS title | Information for Global Intangible Low-Taxed Income |
| Guide period | the applicable reporting period |
| Target version | Dec 2021 |
| Availability | Current IRS catalog PDF |
| Last checked | October 31, 2026 |
Get the Schedule I-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 I-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 I-1 Form 5471
- CFC income and deduction workpapers.
- Tested item information requested by the form.
- Ownership records.
- Applicable exclusion or election support.
- Shareholder computation records.
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 I-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.
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 | Gross income (see instructions if cost of goods sold exceed gross | Use the supported tax basis or cost measure requested by the instructions. Book value, original purchase price and adjusted tax basis can differ. |
| 2 | Exclusions (see instructions if cost of goods sold exceed gross receipts) | Use the supported tax basis or cost measure requested by the instructions. Book value, original purchase price and adjusted tax basis can differ. |
| 3 | Total exclusions (combine lines 2a through 2e) | Follow the stated arithmetic and line references in sequence. Complete the referenced inputs first and retain the worksheet supporting the result. |
| 4 | Gross income less total exclusions (line 1 minus line 3) (see | Follow the stated arithmetic and line references in sequence. Complete the referenced inputs first and retain the worksheet supporting the result. |
| 5 | Deductions properly allocable to amount on line 4 | Complete the applicable eligibility and limitation workpapers before entering an amount. The label alone does not establish that every reported expense or payment qualifies. |
Further selected fields
| Line or box | Label in the source form | What to check |
|---|---|---|
| 6 | Tested income (loss) (line 4 minus line 5) (see instructions) | Identify the income or transaction category before entering a total. Preserve the distinction between gross amounts, adjustments and the resulting taxable or reportable figure. |
| 7 | Tested foreign income taxes | Identify the income or transaction category before entering a total. Preserve the distinction between gross amounts, adjustments and the resulting taxable or reportable figure. |
| 8 | Qualified business asset investment (QBAI) | 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. |
| 9a | Interest expense included on line 5 | 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. |
| 10a | Interest income included in line 4 | Identify the income or transaction category before entering a total. Preserve the distinction between gross amounts, adjustments and the resulting taxable or reportable figure. |
A practical example
A U.S. shareholder prepares the foreign corporation information package. The preparer checks the applicable-year definitions and assembles the CFC items needed for the related shareholder computation.
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 I-1 Form 5471
- Use the definitions that apply to the reported CFC year.
- Do not treat the schedule as the complete shareholder tax calculation.
- Distinguish a proposed or draft revision from the current permitted version.
Questions about Schedule I-1 Form 5471
Does receiving or downloading this form mean I must file it?
A required Form 5471 filer supplies the information called for by the applicable section 951A reporting instructions. 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?
Use the definitions that apply to the reported CFC year. 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 income and deduction workpapers, tested item information requested by the form, ownership records. 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.