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                                                                                               Department of the Treasury
                                                                                               Internal Revenue Service
Instructions for Form 965

(Rev. January 2021)
Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption 
System

Section references are to the Internal Revenue Code unless         through pass-through entities that are U.S. shareholders of 
otherwise noted.                                                   DFICs:
Contents                                                    Page   •  Section 965(a) inclusion,
                                                                   •  Section 965(c) deduction,
Future Developments                                                •  Applicable percentage for disallowance of foreign taxes, and
What's New                                                         •  If applicable, foreign taxes deemed paid, and foreign taxes 
General Instructions                                               deemed paid that are disallowed under section 965(g), in 
                                                                   connection with a section 965(a) inclusion derived through 
  Purpose of Form                             
                                                                   pass-through entities that are U.S. shareholders of DFICs.
  Definitions                                
  Who Must File                                                    Reminders
  When and Where To File                                           On December 22, 2017, section 965 of the Code (section 965) 
  Electronic Filing of Form 965                                    was amended by section 14103 of the Tax Cuts and Jobs Act 
                                                                   (TCJA) (P.L. 115-97). As a result of the amendment, certain 
  Corrections to Form 965                                          taxpayers are required to include in income an amount (section 
  How To Complete                                                  965(a) inclusion amount) based on the accumulated post-1986 
Specific Instructions                                              deferred foreign income of certain foreign corporations of which 
                                                                   they are U.S. shareholders, either directly or indirectly through 
  Schedule F – Foreign Taxes Deemed Paid by                        other entities. Other taxpayers may have inclusions in income 
        Domestic Corporation (2020 Tax Year)                       under section 951(a) by reason of section 965 due to ownership 
  Schedule H, Section 1 – Amounts Reported                         of DFICs (defined below) through pass-through entities that are 
        on Forms 1116 and 1118 and Disallowed                      themselves U.S. shareholders of DFICs. When referring to both 
        Foreign Taxes                                              amounts in the preceding two sentences, the Form 965 and 
Paperwork Reduction Act Notice                                     these instructions use the term “section 965(a) inclusion.” 
                                                                   Section 965 also allows for a deduction (section 965(c) 
                                                                   deduction). Section 965(a) inclusions and corresponding section 
Future Developments                                                965(c) deductions are taken into account in the U.S. 
For the latest information about developments related to Form      shareholder’s year that includes the last day of the relevant 
965, its separate schedules, and its instructions, such as         foreign corporation’s last tax year that began before January 1, 
legislation enacted after they were published, go to IRS.gov/      2018.
Form965.
                                                                   General Instructions
What's New
Most of the lines on Form 965 are reserved. For 2020 tax years     Purpose of Form
(defined later), Form 965 will be used only for section 965(a)     Use the January 2021 revision of Form 965 and the December 
inclusions derived solely through interests in pass-through        2020 revisions of separate Schedules F and H to report:
entities that are U.S. shareholders of deferred foreign income     •  2020 tax year share of section 965(a) inclusions from 
corporations (DFICs), defined later. In these cases, the taxpayer  pass-through entities,
or other filer will complete the January 2021 revision of Form     •  2020 tax year share of section 965(c) deductions from 
965, and, if applicable, Schedule F (Form 965), and Schedule H     pass-through entities,
(Form 965).                                                        •  2020 tax year share of foreign taxes deemed paid in 
                                                                   connection with the 2020 tax year share of section 965(a) 
  As a result of the above changes, for 2020 tax years,            inclusions from pass-through entities, and
Schedule F (Form 965) has also been revised. Schedule F,           •  2020 tax year foreign taxes disallowed under section 965(g) 
line 16 (total not from pass-throughs), has been deleted. Former   with respect to foreign taxes deemed paid in connection with the 
line 17 (total from pass-throughs) of Schedule F has been          2020 tax year share of section 965(a) inclusions from 
renumbered as new line 16. For 2020 tax years, Schedule F is       pass-through entities.
only for use by filers that have a section 965(a) inclusion solely 
through interests in pass-through entities that are U.S.              Also use separate Schedule H to report the applicable 
shareholders of DFICs, and either:                                 percentage for disallowance of foreign taxes.
• Are eligible to claim a deemed-paid foreign tax credit under 
section 960 with respect to such section 965(a) inclusion; or      Definitions
• Are pass-through entities, the owners or beneficiaries of        2020 tax years. Throughout these instructions, the term “2020 
which may be able to claim such a deemed-paid foreign tax          tax year” refers to 2020 calendar years and fiscal tax years of the 
credit.                                                            person filing Form 965 and related schedules that begin in 2020.
  Most of the lines on Schedule H remain reserved.                 Controlled foreign corporation (CFC).     A CFC is any foreign 
                                                                   corporation if more than 50% of the total combined voting power 
  For 2020 tax years, Schedule H is used only to report the        of all classes of stock or 50% of the total value of the stock of the 
following amounts with respect to section 965(a) inclusions        foreign corporation is owned (directly, indirectly, or 

Nov 02, 2020                                                Cat. No. 71282A

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constructively) by U.S. shareholders (defined later) on any day such U.S. shareholder pass-through entities for 2020 tax years
during the tax year of the foreign corporation. from the U.S. shareholder pass-through entities and report those
amounts on Form 965, Part I, line 3.
Deferred foreign income corporation (DFIC). A DFIC is, with
respect to any U.S. shareholder, any specified foreign • Section 965(c) deductions/aggregate foreign cash
position. Owners and beneficiaries of U.S. shareholder
corporation (SFC) (defined later) of the U.S. shareholder that
pass-through entities should receive information about their
has accumulated post-1986 deferred foreign income as of
shares of the section 965(c) deductions of such U.S.
November 2, 2017, or December 31, 2017, that is greater than
shareholder pass-through entities for 2020 tax years from the
zero.
U.S. shareholder pass-through entities and report those
Specified foreign corporation (SFC). An SFC is (i) any CFC amounts on Form 965, Part II, line 17.
and (ii) any foreign corporation with respect to which one or • Deemed-paid foreign taxes and disallowance
more domestic corporations is a U.S. shareholder. However, if a (Schedules F and H).
passive foreign investment company (as defined in section 1. Owners and beneficiaries eligible to claim
1297) with respect to the shareholder is not a CFC, then such deemed-paid credits. Eligible individuals making a section 962
corporation is not an SFC. See Regulations section 1.965-1(f) election, and domestic corporations, should use Schedules F
(45)(ii) for a special attribution rule for purposes of determining and H to determine the foreign taxes deemed paid with respect
whether a foreign corporation is an SFC within the meaning of to their share of section 965(a) inclusions from U.S. shareholder
section 965(e)(1)(B). pass-through entities and the portion of such deemed-paid
United States shareholder (U.S. shareholder). For tax years foreign taxes disallowed under section 965(g). Under section
of foreign corporations beginning before January 1, 2018, a U.S. 962 and Regulations sections 1.962-1 and 1.962-2, an individual
shareholder is a U.S. person who owns (directly, indirectly, or U.S. shareholder of a CFC may elect for a tax year to be taxed at
constructively) 10% or more of the total combined voting power corporate rates under section 11 on amounts included in his or
of all classes of stock of a foreign corporation. A U.S. person for her gross income under section 951(a) and to claim a foreign tax
this purpose is defined in section 957(c). credit for foreign income taxes deemed paid with respect to such
amounts under sections 902 and 960.
Who Must File 2. Non-pass-through entity owners and beneficiaries
Any person that is required to include amounts in income under ineligible to claim deemed-paid credits. Even if the owner or
section 965(a) of the Code in its 2020 tax year (defined above) beneficiary of a U.S. shareholder pass-through entity is ineligible
because the person is a direct or indirect partner in a domestic to claim deemed-paid credits, the owner or beneficiary should
partnership, a shareholder in an S corporation, or a beneficiary still complete Schedule H, lines 3, 6 and 11. The applicable
of another pass-through entity, and such pass-through entity is a percentage from pass-throughs is relevant for purposes of
U.S. shareholder of a DFIC, must complete and attach Form 965 determining the disallowed portion of foreign taxes paid or
and, as applicable, separate Schedules F and H to its income accrued on distributions of previously taxed earnings and profits
tax return. with respect to section 965(a) inclusions. Furthermore, the
amounts of the section 965(a) inclusion and the section 965(c)
Exception. An organization exempt from tax under section deduction derived through pass-throughs are relevant in
501(a) is required to complete Form 965 only if the section 965 determining foreign source taxable income for purposes of the
amounts are subject to tax under section 511 (unrelated foreign tax credit limitation with respect to other foreign tax credit
business income) or section 4940 (private foundation investment claims.
income).
An owner or beneficiary need not complete Schedule F if it is
When and Where To File not a pass-through entity and is ineligible to claim deemed-paid
Attach Form 965 and separate Schedules F and H, if applicable, credits. Similarly, such an owner or beneficiary need not
to your income tax return (or other applicable form, such as a complete lines 9 and 14 of Schedule H.
partnership or exempt organization return) and file both by the 3. Pass-through entity owners and beneficiaries. If the
due date (taking into account extensions, if any) for that return. filer of Form 965 is itself a pass-through entity, the filer should
complete Schedule F and Schedule H if one or more of its
Electronic Filing of Form 965 owners or beneficiaries might be eligible to claim deemed-paid
If you file your income tax return electronically, Form 965 and credits under section 960 with respect to its share of the U.S.
separate Schedules F and H are filed with the electronic income shareholder pass-through entity’s section 965(a) inclusion. If no
tax return. See the instructions for your income tax return for owner or beneficiary of the U.S. shareholder pass-through entity
general information about electronic filing. is eligible to claim deemed-paid credits, the pass-through entity
need not complete Schedule F or lines 9 and 14 of Schedule H,
Corrections to Form 965 but must complete Schedule H, lines 3, 6 and 11.
If you file a Form 965 and separate Schedules F and H that you Important. Form 965 is completed once. Separate Schedules F
later determine are incomplete or incorrect, file a corrected Form and H may be completed more than once (for each applicable
965 and separate Schedules F and H with an amended tax separate category of income).
return, using the amended return instructions for the return with
which you originally filed Form 965. Write “corrected” at the top Separate categories of income. Schedules F and H have
of the Form 965 and separate Schedules F and H and attach a lines a and b at the top of page 1 of the schedule. These lines
statement identifying the changes. are used to identify the separate category for which the schedule
is being completed. If more than one category of income applies,
How To Complete the schedule must be completed more than once. See
Categories of Income in the Instructions for Form 1118, Foreign
All U.S. persons required to include the following amounts in Tax Credit–Corporations, or the Instructions for Form 1116,
income for their 2020 tax year should file Form 965 and, if Foreign Tax Credit (Individual, Estate, or Trust), for the separate
applicable, separate Schedules F and H. category code to be entered on line a. If code 901j is entered on
• Section 965(a) inclusions. Owners and beneficiaries of U.S. line a, also see those instructions for the country code of the
shareholder pass-through entities should receive information sanctioned country to be entered on line b. If there are multiple
about their shares of the section 965(a) inclusion amounts of

-2- Instructions for Form 965 (Rev. 01-2021)

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sanctioned countries, leave line b blank and fill out the schedule 
taking into account all sanctioned countries and attach separate      Schedule F – Foreign Taxes Deemed 
completed schedules by country in PDF format. Attached files          Paid by Domestic Corporation (2020 
should be named in the following format: “F965 [relevant 
schedule] 901j [country code] [identification number].” For           Tax Year)
example, an attached Schedule H would be named: “F965 Sch             Use Schedule F to provide the information necessary to 
H 901j [country code] [identification number]”.                       compute foreign taxes deemed paid in the 2020 tax year by an 
                                                                      eligible domestic corporation or an individual with respect to 
                                                                      section 965(a) inclusions derived through pass-through entities 
Specific Instructions                                                 that are U.S. shareholders of DFICs. Taxpayers eligible for a 
                                                                      deemed-paid credit include certain individuals who make an 
Important. If the information required in a given section             election under section 962 and certain domestic corporations. 
exceeds the space provided within that section, do not write          (See section 902 for eligibility requirements.) U.S. shareholder 
“see attached” in the section and then attach all of the              pass-through entities with owners or beneficiaries that are 
information on additional sheets. Instead, complete all entry         eligible to claim deemed-paid credits should provide the owner 
spaces in the section and attach the remaining information on         or beneficiary with the information necessary to make the 
additional sheets. The additional sheets must conform with the        deemed-paid credit calculations. Also use Schedule F to provide 
IRS version of that section.                                          information necessary to compute foreign taxes deemed paid if 
                                                                      the owner or beneficiary is itself a pass-through entity that may 
Part I – Section 965(a) Inclusion                                     have owners or beneficiaries eligible to claim deemed-paid 
Lines 1, 2, 4, 5, and 6. Reserved.                                    credits.
Line 3. Shares of section 965(a) inclusion amounts allocated to       Lines a and b.  Complete a separate Schedule F for each 
a taxpayer from U.S. shareholder pass-through entities are            applicable separate category of income. Enter the appropriate 
entered on line 3 for the 2020 tax year. Attach a schedule setting    code on line a (at the top of Schedule F). To determine the 
forth each of these shares by U.S. shareholder pass-through           appropriate code, see Categories of Income in the Instructions 
entity and DFIC.                                                      for Form 1118, Foreign Tax Credit—Corporations, or the 
                                                                      Instructions for Form 1116, Foreign Tax Credit (Individual, 
Enter the amount from line 3 on your tax return as follows.           Estate, or Trust). If code 901j is entered on line a, enter on line b 
Corporations:    Enter the amount from Form 965, line 3, on           the country code for the sanctioned country using the two-letter 
Form 1120, Schedule C, line 15, column (a), or on the                 codes (from the list at IRS.gov/CountryCodes). If there are 
corresponding line of other corporate income tax returns.             multiple sanctioned countries, see Separate categories of 
Individuals: Enter the amount from Form 965, line 3, minus            income, earlier.
the amount from Form 965, line 17, on the “other income” line of 
your tax return (that is, Schedule 1 (Form 1040), line 8).            In the first column, enter the name of the DFIC with respect to 
All others: If filing a return other than a corporate income tax      which the taxpayer filing the Schedule F derives a section 965(a) 
return or an individual income tax return, follow the form            inclusion through pass-through entities that are U.S. 
instructions for that other applicable return.                        shareholders of DFICs.
                                                                      Column (a). Enter the EIN or reference ID number of the 
Part II, Section 1 – Section 965(c)                                   foreign corporation. For basic information about reference ID 
Deduction by Tax Year                                                 numbers (including the requirements as to the characters 
                                                                      permitted), see the Instructions for Form 1118.
Lines 7 through 16. Reserved.
                                                                      Column (b). Owners or beneficiaries of U.S. shareholder 
Line 17. Enter the 2020 tax year shares of section 965(c)             pass-through entities should provide the EIN or reference ID 
deductions allocated to a taxpayer from U.S. shareholder              number of the Schedule K-1 issuer. A U.S. shareholder 
pass-through entities. Attach a schedule setting forth each of        pass-through entity with a section 965(a) inclusion amount with 
these shares by U.S. shareholder pass-through entity.                 respect to a DFIC should complete all columns with the 
Enter the amount from line 17 on your tax return as follows.          exception of columns (g) and (l) and provide a copy to its owners 
Corporations:    Enter the amount from Form 965, line 17, on          or beneficiaries that are eligible to claim deemed-paid credits or 
Form 1120, Schedule C, line 15, column (c), or on the                 to pass-through entities with owners or beneficiaries that may be 
corresponding line of other corporate income tax returns.             eligible to claim deemed-paid credits.
Individuals: As indicated in the instructions for Part I, line 3,     Column (c). Enter the year and month in which the DFIC's U.S. 
above, enter the amount from Form 965, line 3, minus the              tax year ended using the format YYYYMM.
amount from Form 965, line 17, on the “other income” line of 
your tax return (that is, Schedule 1 (Form 1040), line 8).            Column (d). Enter the applicable two-letter code from the list at 
All others: If filing a return other than a corporate income tax      IRS.gov/CountryCodes.
return or an individual income tax return, follow the form            Column (e)(1).  Report (in U.S. dollars) the section 965(a) 
instructions for that other applicable return.                        inclusion with respect to the DFIC for the tax year indicated in 
                                                                      column (c).
Part III – Elections
                                                                      Column (e)(2).  Report the column (e)(1) amounts, translated 
Indicate in this part whether or not any of the listed elections      from U.S. dollars into functional currency at the spot rate as of 
were made. Elections for 2020 tax years should be made in the         December 31, 2017, entered on the relevant row on Schedule A, 
manner set forth in regulations under section 965. A person           column (d). If the foreign corporation's functional currency is the 
generally makes an election with respect to section 965 by            U.S. dollar, report the same amount as in column (e)(1).
attaching to a tax return a statement signed under penalties of 
perjury and, in the case of an electronically filed return, in        Column (f). Enter the foreign corporation's post-1986 
Portable Document Format (PDF), for each such election.               undistributed earnings for the separate category for which the 
                                                                      Schedule F is being completed. Generally, this amount is the 
                                                                      corporation's E&P (computed in the corporation's functional 

Instructions for Form 965 (Rev. 01-2021)                           -3-

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currency according to sections 964(a) and 986) accumulated in Line 3. Enter the total amount of section 965(a) inclusions in
tax years beginning after 1986, determined as of the close of the U.S. dollars derived through U.S. shareholder pass-through
corporation's tax year without reduction for any earnings entities for the 2020 tax year from Schedule F, column (e)(1),
distributed or otherwise included in income (that is, under line 16, by separate category.
section 304, 367(b), 951(a), 1248, or 1293) during the current
tax year. For example, Domestic Partnership has a $20 general
category section 965(a) inclusion amount with respect to direct
Post-1986 undistributed earnings are reduced to account for ownership in a DFIC. With respect to Domestic Corporation’s
distributions or deemed distributions that reduced E&P and 25% interest in Domestic Partnership, Domestic Corporation
inclusions that resulted in previously taxed amounts described in enters $5 on line 3 of Schedule H, Section 1, with respect to
section 959(c)(1) and (2) or section 1293(c) in prior tax years general category income.
beginning after 1986. See Regulations section 1.902-1(a)(9).
Also see section 902(c)(3) and Regulations section 1.902-1(a) The line 3 amount represents the total amount of section
(13) for special rules treating earnings accumulated in post-1986 965(a) inclusions for the separate category. Enter this amount
years as pre-1987 accumulated profits when no U.S. here and on the applicable Form 1116, Part I, or Form 1118,
shareholder was eligible to claim a deemed-paid credit with Schedule A.
respect to taxes paid by the foreign corporation. In the example above, Domestic Corporation has total
general category section 965(a) inclusions of $5 and will enter
Column (h). Enter the opening balance in the foreign this amount on the general category Form 1118, Schedule A.
corporation's post-1986 foreign income taxes for the tax year Domestic Partnership is ineligible to claim deemed-paid credits
indicated in column (c). Generally, this amount is the foreign and will not file either Form 1116 or Form 1118.
income taxes paid, accrued, or deemed paid (in U.S. dollars) by
the foreign corporation for prior tax years beginning after 1986, Lines 4 and 5. Reserved.
reduced by foreign taxes attributable to distributions or Line 6. Enter the section 965(c) deduction in U.S. dollars
inclusions of earnings in prior tax years. See Regulations section derived through U.S. shareholder pass-through entities for the
1.902-1(a)(8)(i). 2020 tax year.
Column (i). Enter the foreign income taxes paid or accrued by For example, if Domestic Corporation reports on Form 965,
the foreign corporation for the tax year indicated in column (c), Part II, Section 1, line 17, that it has a section 965(c) deduction
translated into U.S. dollars using the exchange rate specified in of $3 with respect to section 965(a) inclusions derived through
section 986(a). U.S. shareholder pass-through entities, it will need to allocate
Column (j). Enter the foreign income taxes deemed paid (under and apportion this deduction to reduce its section 965(a)
section 902(b)) by the foreign corporation for the tax year inclusions in each separate category.
indicated in column (c). Lines 7 and 8. Reserved.
Note. Columns (h), (i), (j), and (k) are not reduced by foreign Line 9. Enter the amount from Schedule F, column (l), line 16.
taxes attributable to distributions or inclusions of earnings in the Also report on Form 1118, Schedule B, Part I, column 3.
2020 tax year. Taxpayers or other filers not required to complete Schedule F
should not complete this line. See “How To Complete” above.
Line 16. In column (e)(1), enter the total amount of section
965(a) inclusions that are derived through U.S. shareholder Line 10. Reserved.
pass-through entities. A U.S. person’s share of a U.S. Line 11. Enter the applicable percentage from a U.S.
shareholder pass-through entity’s section 965(a) inclusion shareholder pass-through entity.
amount must be included in this total.
In column (l), only enter taxes deemed paid with respect to Note. Schedule H (Form 965), line 11 instructs filers to “enter
the filer’s share of a U.S. shareholder pass-through entity’s the 2019 applicable percentage from pass-throughs.” Please
section 965(a) inclusion amount in this total if the filer is eligible disregard “2019” and instead use the following instruction.
to claim a deemed-paid credit with respect to such amount. The applicable percentage from a U.S. pass-through entity is
calculated by each U.S. shareholder pass-through entity that
Schedule H, Section 1 – Amounts has a section 965(a) inclusion amount. The applicable
Reported on Forms 1116 and 1118 percentage was reported on such U.S. shareholder
pass-through entity’s 2018 Form 965, Schedule H, Section 2,
and Disallowed Foreign Taxes line 37 and/or line 46. The U.S. shareholder pass-through entity
See the Instructions for Form 1116, Form 1118, and Form 5471 should provide the applicable percentage to its owners and
(Information Return of U.S. Persons With Respect to Certain beneficiaries that are eligible to claim a foreign tax credit
Foreign Corporations) for reporting the amount of foreign taxes (whether directly under section 901 or indirectly under sections
disallowed with respect to distributions of section 965 previously 902 and 960). If the filer has an interest in only one such U.S.
taxed E&P. shareholder pass-through entity, enter the applicable
percentage on line 11. If the filer has an interest in multiple U.S.
Lines a and b. Complete a separate Schedule H for each shareholder pass-through entities with section 965(a) inclusion
applicable separate category of income. Enter the appropriate amounts, attach a schedule setting forth the applicable
code on line a (at the top of Schedule H). To determine the percentage for each U.S. shareholder pass-through entity and
appropriate code, see Categories of Income in the Instructions leave this line blank.
for Form 1118, Foreign Tax Credit—Corporations, or the
Instructions for Form 1116, Foreign Tax Credit (Individual, Lines 12 and 13. Reserved.
Estate, or Trust). If code 901j is entered on line a, enter on line b Line 14. Enter the amount of disallowed taxes with respect to
the country code for the sanctioned country using the two-letter foreign taxes deemed paid in connection with the 2020 tax year
codes (from the list at IRS.gov/CountryCodes). If there are share of section 965(a) inclusions from pass-through entities
multiple sanctioned countries, see Separate categories of (that is, the amount reported on line 9). Attach a schedule setting
income, earlier. forth, by U.S. shareholder pass-through entity and relevant
Lines 1 and 2. Reserved. DFIC, the amount of deemed-paid taxes, applicable percentage,

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and disallowed taxes. Taxpayers or filers not required to form displays a valid OMB control number. Books or records
complete Schedule F should not complete this line. See “How relating to a form or its instructions must be retained as long as
To Complete” above. their contents may become material in the administration of any
Internal Revenue law. Generally, tax returns and return
information are confidential, as required by section 6103.
Paperwork Reduction Act Notice
We ask for the information on this form to carry out the Internal The time needed to complete and file this form will vary
Revenue laws of the United States. You are required to give us depending on individual circumstances. The estimated burden
the information. We need it to ensure that you are complying for business taxpayers filing this form is approved under OMB
with these laws and to allow us to figure and collect the right control number 1545-0123 and is included in the estimates
amount of tax. shown in the instructions for their business income tax return.
You are not required to provide the information requested on
a form that is subject to the Paperwork Reduction Act unless the

Instructions for Form 965 (Rev. 01-2021) -5-

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