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New Member
posted Jun 4, 2019 12:47:18 PM

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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1 Best answer
New Member
Jun 4, 2019 12:47:20 PM

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.

1 Replies
New Member
Jun 4, 2019 12:47:20 PM

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.