Sorry another tax question, Form 5471
 

Anyone attempted one of these before? I do the rest of my tax return using Turbo Tax, but this one might just require some expert help

Re: Sorry another tax question, Form 5471
 

Why do you think you need to file it?

Generally it doesn't make sense for an average person to have a foreign corporation, usually it makes more sense to dissolve it and start a corporation in the US, which avoids the need to file the form.

Not that 1120 is a piece of cake but it's easier than 5471.

Re: Sorry another tax question, Form 5471
 

Thanks Steve. If i was the only shareholder, then you would probably be right, but in this case it was not an option.

Re: Sorry another tax question, Form 5471
 

Has the entity made a check the box election? If not, can it and should it?

Re: Sorry another tax question, Form 5471
 

Ooh good question. I have no idea. I'm off to find my opener for that can of worms