US LLC: Filing Taxes - Part I
Note: This is not tax advice. Do your due-dilligence when filing taxes and consult a specialist.
This year was my first time filing taxes for a U.S. LLC (namely a single-member, foreign-owned, disregarded entity). So I did some research and decided to write everything down for future reference. Maybe this helps someone else too.
Please note that if your LLC setup differs from mine, some of the steps may be different.
This post only covers the “Single Member LLC Tax Filing”, not the “Annual Report”. I will cover the Annual Report in a separate post.
TL;DR — Overview
Here is an overview of the steps:
- Compile your PDF in this order: pro forma 1120 first → Form 5472 behind it → Part V attachment at the back
- Make sure “Foreign-Owned U.S. Disregarded Entity” is written at the top of the 1120
- All forms and attachment(s) should be merged into one single PDF
- Send a fax to +1 (855) 887-7737 (dedicated IRS fax line for foreign-owned DEs)
Where to get the forms mentioned above:
- Pro Forma 1120: Download hereÂ
- Form 5472: Download hereÂ
Pro Forma 1120
| Field | What to Enter |
|---|---|
| Name | âś… Your LLC name |
| Address | âś… LLC Registered address |
| B — EIN | ✅ Your EIN |
| C — Date incorporated | ✅ LLC formation date |
| D — Total assets | ✅ End-of-year balance |
| E(1) — Initial return | ✅ Check this if it is the first filing |
| Tax year dates | âś… e.g. Jan 1 - Dec 31, 2025, or leave blank |
| Top notation | ✅ “Foreign-Owned U.S. Disregarded Entity” (important) |
| Signature | âś… Sign and date as owner |
Form 5472
Here is a summary. Each part is explained in more detail below.
| Part | Action |
|---|---|
| Part I | âś… Fill completely, check boxes 2 and 3 |
| Part II | âś… Fill fields 4a-4e with YOUR info (leave 5a-7e blank) |
| Part III | ✅ Fill with YOUR info again, check “Foreign person” |
| Part IV | âś… Complete but all lines = $0 (transactions go in Part V) |
| Part V | âś… Check the box + attach a separate sheet listing contributions/distributions |
| Part VI | ⬜ Leave blank |
| Part VII | ✅ All “No” |
| Part VIII | ⬜ Leave blank |
| Part IX | ⬜ Leave blank |
PART I — The LLC
| Field | What to Enter |
|---|---|
| 1a Name | Your LLC’s full legal name |
| Address | LLC Registered address |
| 1b EIN | Your EIN |
| 1c Total assets | End-of-year LLC bank balance in USD. Zero or near-zero is fine. |
| 1d Principal business activity | e.g. “Software Development” or “Digital Products” |
| 1e Activity code | Look up at IRS NAICS codes — e.g. 511210 for software, 541511 for custom programming |
| 1f Total value of gross payments | Total USD value of all transactions reported on THIS form (contributions + distributions combined) |
| 1g Total number of Forms 5472 | 1 (you’re only filing one) |
| 1h Total value on ALL Forms 5472 | Same number as 1f (since you only have one) |
| 1j Initial year checkbox | Check this if it’s your first year filing |
| 1l Country of incorporation | United States |
| 1m Date of incorporation | Your LLC formation date |
| 1n Country filing income tax as resident | Leave blank — disregarded entity, files no foreign income tax return |
| 1o Principal country where business conducted | Country where you reside |
| Box 2 | Check it — a foreign person owns 100% of the LLC |
| Box 3 | Check it — this is the critical “foreign-owned US DE” checkbox |
PART II — You as the 25%+ Foreign Shareholder
Only fill fields 4a-4e (one shareholder = you). Leave 5a-7e completely blank.
| Field | What to Enter |
|---|---|
| 4a Name and address | Your full legal name + your personal address |
| 4b(1) U.S. identifying number | Leave blank (you have no SSN/ITIN) |
| 4b(2) Reference ID number | Make one up — e.g. simply “OWNER-01” |
| 4b(3) FTIN | Your foreign FTIN or N/A |
| 4c Principal country where business conducted | Country where you reside |
| 4d Country of citizenship/organization | Your citizenship |
| 4e Country filing income tax as resident | Country where you reside |
PART III — Related Party
The “related party” is whoever the LLC had transactions with. Since you’re a single-member LLC and you’re the only person who moved money to/from the LLC, you are also the related party. Fill it with your info again.
| Field | What to Enter |
|---|---|
| Foreign/U.S. person checkbox | Check “Foreign person” |
| 8a Name and address | Your name + your personal address (same as Part II) |
| 8b(1) U.S. identifying number | Leave blank |
| 8b(2) Reference ID number | Same reference ID you used in Part II |
| 8b(3) FTIN | Your FTIN or N/A again |
| 8c Principal business activity | Your personal activity, e.g. “Individual investor / owner” |
| 8d Activity code | Leave blank or put 0 |
| 8e Relationship checkboxes | Check “25% foreign shareholder” |
| 8f Principal country where business conducted | Your country |
| 8g Country filing income tax as resident | Where you pay taxes |
PART IV — Monetary Transactions
Because you checked “foreign person” in Part III, the form technically requires you to complete Part IV. However — and this is important — for a foreign-owned US DE, contributions and distributions do NOT go here. They go in Part V (see below). Part IV is for arm’s-length commercial transactions (sales, rents, royalties, loans) between the LLC and a foreign related party.
For your situation, every line in Part IV is almost certainly $0 or blank:
| Field | What to Enter |
|---|---|
| Lines 9-21 (amounts received) | All blank/$0 — no sales, royalties, rents etc. between you and the LLC |
| Line 22 (total received) | blank/$0 |
| Lines 23-35 (amounts paid) | All blank/$0 |
| Line 36 (total paid) | blank/$0 |
PART V — THIS is Where Your Contributions & Distributions Go
This part was specifically created for foreign-owned US DEs. It says:
“…amounts paid or received in connection with the formation, dissolution, acquisition, and disposition of the entity, including contributions to and distributions from the entity”
What to do:
- âś… Check the checkbox in Part V
- Attach a separate sheet (plain paper or a simple Word/PDF doc) titled something like:
Then list each transaction simply, like:
If nothing happened: “No contributions or distributions were made during the tax year.” — still attach the sheet and check the box.
“Form 5472 — Part V Attachment — [LLC Name] — EIN XX-XXXXXXX — Tax Year 20XX”
| Date | Description | Amount |
|---|---|---|
| 2024-03-15 | Capital contribution by owner to fund LLC bank account | $500 |
| 2024-09-01 | Distribution from LLC to owner | $3,000 |
PART VI — Nonmonetary Transactions
Leave blank. You probably didn’t transfer property, IP, or assets.
PART VII — Yes/No Questions (All reporting corps must complete)
| Question | Your Answer |
|---|---|
| 37 Import goods from foreign related party? | No |
| 39 Foreign parent in cost sharing arrangement? | No |
| 40a Interest/royalty deductions disallowed under §267A? | No |
| 41a Claiming FDII deduction? | No |
| 42a Loans with safe-haven rate rules? | No |
| 42b Same, outside safe-haven range? | No |
| 43a Covered debt instrument issued? | No |
Just tick No straight down the column for all of them.
By now you should be ready to compile your PDF and send it to the IRS fax line. See the “Overview” section at the top again.
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