🧾 Form 5471: Which Filers Complete Schedule O?
Only Category 2 and Category 3 filers need to complete Schedule O for Form 5471. This article explains who qualifies for each category, what ownership changes trigger Schedule O, and provides quick reference tips to ensure accurate filing.
Applies To: K-1 Aggregator Tax Module | U.S. International Filers
Overview
Schedule O of Form 5471 is used to report certain organizational and ownership changes of foreign corporations.
Only specific categories of filers need to complete this schedule.
Who Must Complete Schedule O
Filers in Category 2 or Category 3 for Form 5471 must complete Schedule O.
| Category | Who It Applies To | Why Schedule O Is Required |
|---|---|---|
| Category 2 | U.S. citizens or residents who are officers or directors of a foreign corporation in which a U.S. person acquires at least 10% ownership (directly or indirectly). | To report when a U.S. person acquires 10% or more of stock in the foreign corporation. |
| Category 3 | U.S. persons who acquire, dispose of, or meet ownership thresholds in a foreign corporation (for example, acquire 10%, dispose of stock to fall below 10%, or become a U.S. person while owning such stock). | To report these ownership changes and details about the corporation. |
💡 Tip:
Filers in Category 4 or Category 5 (U.S. shareholders who control or own a CFC) do not complete Schedule O unless they also meet Category 2 or 3 criteria.
Quick Reference
✅ Required: Category 2 and Category 3
❌ Not Required: Category 4 and Category 5 only