Schedule F (Form 965), Foreign Taxes Deemed Paid by Domestic Corporation, is an Internal Revenue Service (IRS) schedule that you attach to Form 965. It is printed for foreign corporations with respect to which the filer has a section 965(a) inclusion during its 2020 tax year, and it works out the post-1986 foreign income taxes deemed paid for each Deferred Foreign Income Corporation (DFIC). On this page you can fill out Schedule F (Form 965) online on FillingPDF and download or print the completed PDF; the form and its instructions are published by the IRS at www.irs.gov/Form965.
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What is Schedule F (Form 965)?
Schedule F (Form 965), Foreign Taxes Deemed Paid by Domestic Corporation, is the IRS schedule attached to Form 965 that lists each Deferred Foreign Income Corporation (DFIC), its section 965(a) inclusion and the post-1986 foreign income taxes deemed paid on that inclusion.
The printed form is for foreign corporations with respect to which the filer has a section 965(a) inclusion during its 2020 tax year. It carries OMB No. 1545-0123 and the revision date Rev. December 2020, and it says to attach it to Form 965. The IRS publishes instructions and the latest information at www.irs.gov/Form965.
Page 1 identifies the filer, enters a Separate Category code on line a, and lists up to 15 DFICs on lines 1 to 15 with their identifying numbers, tax year end, country of incorporation and section 965(a) inclusion in U.S. dollars and in functional currency. Line 16 is the total from pass-throughs.
Page 2 repeats lines 1 to 16 and runs the calculation. Column (g) divides column (e)(2) by column (f), capped at 100%. Columns (h), (i) and (j) hold the opening balance of post-1986 foreign income taxes, foreign taxes paid and foreign taxes deemed paid. Column (k) adds them, and column (l) multiplies column (g) by column (k) to give the post-1986 taxes deemed paid.
It is a schedule of Form 965 and is not filed on its own. Other schedules of Form 965 are separate documents with their own letters.
Who needs to file Schedule F (Form 965)?
Filers that have a section 965(a) inclusion during their 2020 tax year with respect to one or more foreign corporations complete Schedule F (Form 965) and attach it to Form 965. The title block says it is for foreign corporations with respect to which the filer has such an inclusion.
Details the form itself sets:
- Each DFIC you report goes on its own numbered line, 1 to 15, on both pages.
- If you report more than 15, the form says to add schedules as needed.
- Line b applies only if you entered code 901j on line a; it asks for the country code of the sanctioned country.
- Line 16 asks for the total from pass-throughs, and the form refers you to the instructions for it.
The schedule does not stand alone. It has no signature block, and it is not a return: the form says to attach it to Form 965, and the name and identifying number at the top are those of the person filing that return. For eligibility questions beyond what the form prints, use the IRS instructions at www.irs.gov/Form965.
When to file Schedule F (Form 965)
Schedule F (Form 965) is completed when you complete Form 965, because the form says to attach it to Form 965. It has no separate due date printed on it, so it travels with Form 965 whenever that form is submitted.
The printed revision is for a section 965(a) inclusion during the filer's 2020 tax year. If you report more DFICs than the 15 lines allow, prepare the additional schedules at the same time, since the form says to add schedules as needed. For the due date of Form 965 itself, see the IRS instructions at www.irs.gov/Form965.
How to fill out Schedule F (Form 965)
Enter filer name and identifying number
At the top of page 1, write the name of the person filing this return and the identifying number.
Enter the Separate Category on line a
On line a, enter the Separate Category code, following the IRS instructions for the codes.
Complete line b if code 901j applies
Only if you entered code 901j on line a, enter the country code for the sanctioned country on line b. Otherwise leave line b alone.
Identify each DFIC
On lines 1 to 15, enter the name of each Deferred Foreign Income Corporation (DFIC), the EIN or Reference ID Number of the foreign corporation and, if any, the EIN or Reference ID Number of the K-1 issuer. Use one line per DFIC.
Enter tax year end and country
For each DFIC, enter the U.S. tax year end of the DFIC in Year/Month format and the country of incorporation using country codes.
Enter the section 965(a) inclusion
For each line, enter the section 965(a) inclusion in U.S. dollars and in functional currency, the amount in functional currency being what column (e)(2) refers to on page 2.
Add the pass-through total on line 16
On line 16, enter the total from pass-throughs, the sum of lines 1 to 15, as the instructions direct.
Enter post-1986 undistributed earnings
On page 2, column (f), enter the post-1986 undistributed earnings in functional currency for each DFIC, on the same line number as on page 1.
Figure the percentage in column (g)
Divide column (e)(2) by column (f) and enter the result, capped at 100%.
Enter the foreign taxes
Enter the opening balance in post-1986 foreign income taxes in column (h), the foreign taxes paid for the tax year indicated in column (i), and the foreign taxes deemed paid for the tax year indicated in column (j).
Compute columns (k) and (l)
In column (k), add columns (h), (i), and (j) to get the post-1986 foreign income taxes. In column (l), multiply column (g) by column (k) to get the post-1986 taxes deemed paid.
Add schedules if needed
If you have more than 15 DFICs, complete additional schedules; the form says to add schedules as needed.
Review and download the completed PDF
Check that every line matches across both pages, then download or print the completed PDF from FillingPDF and attach it to Form 965.
How to submit Schedule F (Form 965)
Schedule F (Form 965) is submitted as an attachment to Form 965. It has no filing channel, mailing address or portal of its own printed on it.
- With Form 965: attach the completed schedule, and any additional schedules you need for more than 15 DFICs, to Form 965 and send the package the way you submit Form 965.
- IRS instructions: the form directs you to www.irs.gov/Form965 for instructions and the latest information, including how to complete columns that say "see instructions".
Before sending, check that the name of the person filing the return and the identifying number appear at the top of page 1. FillingPDF lets you fill out and download the PDF; submission follows the IRS channels that apply to Form 965.
Common mistakes to avoid
- Filing Schedule F (Form 965) on its own; the form says to attach it to Form 965.
- Leaving out the name of the person filing the return or the identifying number at the top of page 1.
- Entering a country code on line b when you did not enter code 901j on line a; line b applies only to code 901j.
- Skipping the Separate Category code on line a.
- Entering a result in column (g) above 100%; the column is capped at 100%.
- Using a different formula for column (k) or (l); column (k) adds columns (h), (i), and (j), and column (l) multiplies column (g) by column (k).
- Squeezing more than 15 DFICs onto lines 1 to 15 instead of adding schedules as needed.
- Mixing up the U.S. dollar inclusion and the functional currency inclusion; column (g) divides column (e)(2) by column (f), and column (f) is in functional currency.
Frequently asked questions
What is Schedule F (Form 965)?
Schedule F (Form 965), Foreign Taxes Deemed Paid by Domestic Corporation, is an IRS schedule attached to Form 965. It lists each Deferred Foreign Income Corporation and works out the post-1986 foreign income taxes deemed paid on the filer's section 965(a) inclusion for the 2020 tax year.
Is Schedule F (Form 965) filed on its own?
No. The form says to attach it to Form 965, so it goes in with that form. It has no separate address, portal or due date printed on it.
How many corporations can I list on Schedule F (Form 965)?
Lines 1 to 15 hold one DFIC each on both pages, and line 16 is the total from pass-throughs. If you have more than 15, the form says to add schedules as needed.
What goes on line b of Schedule F (Form 965)?
Line b is the country code for the sanctioned country, and it applies only if you entered code 901j on the Separate Category line (line a). Check the IRS instructions at www.irs.gov/Form965 for the codes.
How is column (l) figured on Schedule F (Form 965)?
Column (l), post-1986 taxes deemed paid, is column (g) multiplied by column (k). Column (g) is column (e)(2) divided by column (f), capped at 100%, and column (k) is columns (h), (i), and (j) added together.
Where do I find the instructions for Schedule F (Form 965)?
The IRS publishes instructions and the latest information at www.irs.gov/Form965, the address printed on the form. Several columns say "see instructions", including the Separate Category code and the identification numbers.
Can I fill out Schedule F (Form 965) online?
Yes. You can fill out the PDF online on FillingPDF and download or print it. FillingPDF is an independent service and does not file the schedule with the IRS; you submit it with Form 965 through the IRS channels.
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