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greigoppenheimer
New Member

Where do I enter controlled foreign corporation info?

I'm looking at purchasing shares in a foreign company.

I would then have more than 50% shareholding and understand that means that I have to report financials of that company as a CFC (Controlled Foreign Corporation).

I want to explore consequences of this but cannot see where this information needs to be updated in Turbo Tax (Basic)

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Accepted Solutions
DS30
New Member

Where do I enter controlled foreign corporation info?

You enter Controlled Foreign Corporation (CFC) information on Form 5471 which is then attached to your personal income tax filing (Form 1040).  TurboTax does not support Form 5471.

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1 Reply
DS30
New Member

Where do I enter controlled foreign corporation info?

You enter Controlled Foreign Corporation (CFC) information on Form 5471 which is then attached to your personal income tax filing (Form 1040).  TurboTax does not support Form 5471.

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