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Printable Form 5471 (Schedule O) Jersey City New Jersey: What You Should Know
For those of you who have a choice of local or state tax returns, your state may require you to file an additional return.  For example, in Louisiana you must file a Form 5471 if you have a choice of filing your state return using a return preparer (which is not required for the IRS). If you are a New Jersey taxpayer, you must file a Schedule O and state return Form 5471 with your New Jersey state tax return. For all other taxpayers, a Schedule O and state tax return Form 5471 are sufficient for filing your state tax return. Form 5471, Tax Reporting by Certain U.S. Persons (Schedule O), and any state income tax return prepared or filed by a tax return preparer are not, for federal tax purposes, substitutes for a federal return. Form 5471 (Schedule O) provides: The return or returns that a taxpayer is required to file; The return or returns that a taxpayer is required to make; Any consent agreement of the taxpayer with the Commissioner of Internal Revenue that permits a state tax return by a tax return preparer.  Form 5471 (Schedule O) may also be used as an emergency backup to Form 5471 (Schedule E), Emergency Backup for Form 4684, Taxpayer Notice of Noncompliance with Internal Revenue Procedures. Schedule O is not a substitute for a Schedule E (Application for Emergency Backup). Schedule O is available for filing with state income tax returns filed on or after January 1, 2015. The following information is not reported on Forms 5471: For more information on Schedule O, click on the following link: Schedule O information returns may be used to prepare the state tax return, even if you are required to file a state or federal return; Any information returns obtained by a tax return preparer through a tax return preparation firm; Any information returns obtained by a tax return preparer through the mutual fund industry; and, Any information returns obtained through a tax return preparer of any other industry.
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