Schedule F (Form 965): Foreign Taxes Deemed Paid by Domestic Corporation

Schedule F (Form 965), Foreign Taxes Deemed Paid by Domestic Corporation, is a two-page schedule that the form says to attach to Form 965. It covers foreign corporations with respect to which the filer has a section 965(a) inclusion during its 2020 tax year.

For each deferred foreign income corporation (DFIC), page 1 records identifying details and the section 965(a) inclusion in U.S. dollars and in functional currency. Page 2 figures taxes deemed paid in column (l) by multiplying the ratio in column (g) by the post-1986 foreign income taxes in column (k).

The schedule does not print its instructions. It points to www.irs.gov/Form965 for instructions and the latest information. You can fill it out free in your browser on this page and download the result without an account.

What's on Schedule F (Form 965)

Header and lines a and b

Name of person filing this return, identifying number, the separate category code on line a, and on line b the country code for the sanctioned country when code 901j is entered on line a.

DFIC name and columns (a) to (d)

Name of the DFIC, EIN or reference ID number of the foreign corporation, EIN or reference ID number of a K-1 issuer if any, the DFIC's U.S. tax year end (year/month) and the country of incorporation as a country code.

Columns (e)(1) and (e)(2)

The section 965(a) inclusion in U.S. dollars and in functional currency.

Columns (f) and (g)

Post-1986 undistributed earnings in functional currency, and column (e)(2) divided by column (f), capped at 100%.

Columns (h) to (l)

Opening balance in post-1986 foreign income taxes, foreign taxes paid and deemed paid for the tax year indicated, their sum in column (k), and taxes deemed paid in column (l).

How to fill out Schedule F (Form 965)

1
Header and line a
Enter the name and identifying number of the person filing the return, and the separate category code on line a. If code 901j is entered, add the sanctioned country code on line b.
2
One row per DFIC
On lines 1 to 15, enter each DFIC's name, ID numbers, U.S. tax year end, country code and section 965(a) inclusion in U.S. dollars and functional currency.
3
Column (g)
Divide column (e)(2) by column (f), the post-1986 undistributed earnings in functional currency. The form caps the result at 100%.
4
Columns (h) to (k)
Enter the opening balance in post-1986 foreign income taxes and the foreign taxes paid and deemed paid for the tax year indicated, then add columns (h), (i) and (j) in column (k).
5
Column (l) and line 16
Multiply column (g) by column (k) for taxes deemed paid. Line 16 holds the total from pass-throughs, and the form says to add schedules as needed.

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Where it goes and what to watch

Where it goes

The form says "Attach to Form 965." It prints no deadline or mailing address of its own.

Instructions

Several lines say "see instructions." The schedule points to www.irs.gov/Form965 for instructions and the latest information, and to the separate instructions for the Privacy Act and Paperwork Reduction Act Notice.

Tax year

This revision is for foreign corporations with respect to which the filer has a section 965(a) inclusion during its 2020 tax year.

Country codes

The country of incorporation and the sanctioned country on line b are entered as country codes, as the form asks.

Who completes Schedule F (Form 965)?

Filers of Form 965
The form says "Attach to Form 965," so it is completed by the person filing that return.
Domestic corporations with a section 965(a) inclusion
Its title is Foreign Taxes Deemed Paid by Domestic Corporation, and it covers foreign corporations for which the filer has a section 965(a) inclusion during its 2020 tax year.
Separate category on line a
Line a has one entry for the separate category code, and the form says "Add schedules as needed."
Amounts through pass-throughs
One column asks for the EIN or reference ID number of a K-1 issuer, if any, and line 16 is labeled total from pass-throughs, the sum of lines 1 through 15.

The schedule asks for the name and identifying number of the person filing the return. It does not itself say which taxpayers file Form 965; that is in the separate instructions.

Official sources and the blank

Official IRS form page
The agency’s own page for Form 965 Sch. F.
Blank PDF
The official blank form, to print or fill by hand.

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Questions about Form 965 Sch. F

Where does Schedule F (Form 965) go?

The form says to attach it to Form 965.

What is a DFIC?

The schedule uses DFIC for deferred foreign income corporation and lists each one by name, ID number, U.S. tax year end and country of incorporation.

How are taxes deemed paid figured?

The form says column (l) is column (g) multiplied by column (k). Column (g) is column (e)(2) divided by column (f), capped at 100%, and column (k) adds columns (h), (i) and (j).

Which tax year does this revision cover?

The Rev. December 2020 schedule is for foreign corporations with respect to which the filer has a section 965(a) inclusion during its 2020 tax year.

What if there are more than 15 DFICs?

The form says "Add schedules as needed."

Schedule F (Form 965): Foreign Taxes Deemed Paid by Domestic Corporation