1040-US: Form 5471 exchange rate

Alerts and notices
Leave feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.

Characters left:

MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.


What exchange rate is used on Form 5471?


In accordance with the "Reporting exchange rates on Form 5471" paragraph in the Other Reporting Requirements section on Page 4 of the Form 5471 instructions, UltraTax CS uses the "divide-by convention" (e.g. the units of foreign currency that equal one U.S. dollar) to translate amounts entered on the various screens in the 5471 folder to U.S. dollars. UltraTax CS also displays this "divide-by convention" exchange rate on Form 5471, Schedules H and M.

Related topic: Form 5471 - Foreign corporations FAQs (1040)

Share This