Enlarge image | SCHEDULE Q Tax Liability of Qualified Derivatives Dealer (QDD) OMB No. 1545-0123 (Form 1120-F) Attach to Form 1120-F. Department of the Treasury Go to www.irs.gov/Form1120F for the latest information. 2023 Internal Revenue Service Name of corporation Employer identification number Name of QDD QI-EIN QDD Taxable Year (enter month, day, and year for beginning and ending dates) Beginning , 20 , and ending , 20 Indicate the year or portion of the year to which the schedule relates (enter month, day, and year for beginning and ending dates) Schedule of Beginning , 20 , and ending , 20 (a) (b) (c) Summary of QDD Tax Liability Gross Amount Withholding Tax Rate Amount of Tax Liability (column (a) x column (b)) 1 Total section 871(m) amount . . . . . . . . . . . . 1 2 Total dividends received in equity derivatives dealer capacity . . 2 3 Total QDD tax liability pursuant to section 3.09(A) of the Qualified Intermediary Agreement . . . . . . . . . . . . . . 3 4 Total QDD tax liability pursuant to section 3.09(B) of the Qualified Intermediary Agreement . . . . . . . . . . . . . . 4 5 Total QDD tax liability pursuant to section 3.09(C) of the Qualified Intermediary Agreement: a Income Type: 5a b Income Type: 5b c Income Type: 5c d Income Type: 5d 6 Total of line 5 amounts . . . . . . . . . . . . . . 6 What’s New Number of schedules filed. A QDD may be required to file multiple Schedules Q, for example, if it has multiple branches Schedule Q (Form 1120-F) has been amended to reflect Notice that are QDDs or if it is a fiscal year taxpayer (as explained in 2022-37, 2022-37 I.R.B. 234, which further delays the General Instructions above). Indicate the number of each effective/applicability date of certain rules in the section 871(m) Schedule Q filed, as well as the total number of Schedules Q regulations and extends the phase-in period provided in being filed by the corporation in the entry spaces provided. Notice 2020-2, 2020-3 I.R.B. 327, for certain provisions of the section 871(m) regulations. Column (c), Amount of Tax Liability. Except as provided in the Note that immediately follows this paragraph, the amount in Who Must File column (c) is determined by multiplying column (a) by column (b). This column is not reduced by any withholding that has occurred. If the corporation or any branch of the corporation was a qualified derivatives dealer (QDD) (defined below) during the tax Note: For calendar years 2018 through 2024, certain information year, Schedule Q must be completed and filed for each of those is not required, as indicated in the line instructions below. QDDs. The corporation must file Schedule Q as an attachment However, if the corporation has a fiscal year (rather than a to Form 1120-F even if the QDD has zero tax liability. calendar year) that begins in 2024 and ends in 2025, information is required for any amounts paid or accrued on or after January Qualified derivatives dealer (QDD). A QDD is a home office or 1, 2025. branch that, in accordance with the qualified intermediary agreement (QIA) (defined below), qualifies and has been Line 1. The gross amount to be entered in column (a) is the sum approved for QDD status and satisfies the requirements of the of each section 871(m) amount for the QDD for the relevant QIA. See the QIA for additional information. period. See section 2.73 of the QIA for the definition of section 871(m) amount. Qualified intermediary agreement (QIA). The QIA is section 6 of Rev. Proc. 2022-43, 2022-52 I.R.B. 570. Note: For calendar years 2019 through 2024, this information is not required. General Instructions Line 2. For calendar years 2019 through 2024, only the gross A separate Schedule Q is required for each QDD. In addition, if amount (column (a)) and tax rate (column (b)) are required. a corporation has a fiscal year rather than a calendar year, the Line 3. Column (c) is the sum of each section 3.09(A) amount for corporation must provide a separate Schedule Q for each QDD the QDD for the relevant period. for each portion of the fiscal year that falls within the calendar Note: For calendar years 2019 through 2024, this information is year. not required. Example: A QDD with a fiscal year beginning September 1 and Line 4. Enter the information requested in columns (a), (b), and (c). ending August 31 would complete two schedules (one for the period of September 1, 2023 through December 31, 2023, and Line 5. In addition to specifying the type of income (for one for the period of January 1, 2024 through August 31, 2024). example, dividends or interest), enter the information requested in columns (a), (b), and (c) separately for each income type. For Specific Instructions dividends, include all dividends, including dividends separately stated on line 2. Name of QDD. The name of the QDD should follow the naming protocol used for applying to be a QDD. Note: For calendar years 2019 through 2024, do not include dividends included on line 2. For Paperwork Reduction Act Notice, see the Instructions for Form 1120-F. Cat. No. 71803X Schedule Q (Form 1120-F) 2023 |