Form 1120-F Schedule V – Fillable PDF

Schedule V (Form 1120-F) is the supplemental schedule used by foreign corporations to report vessel or aircraft activities that are subject to the 4% tax rate under IRC §887. If your corporation owns, charters, or operates any qualifying vessel or aircraft, you must fill out lines 1‑9 for each asset.

What Is Schedule V?

Schedule V captures detailed information about each vessel or aircraft, including identification numbers, charter status, and the amount of tax owed. The IRS requires this schedule to be attached to Form 1120-F when the 4% tax applies.

How to Complete Schedule V Online

With Formize’s fillable PDF, you can complete Schedule V directly in your browser—no download‑edit‑upload cycle needed. Simply click the "Fill out this form" button, wait for the Formize PDF Filler app to load, and start entering your data.

• Enter the vessel or aircraft name and identification number.
• Indicate whether the asset was chartered in, chartered out, or both.
• Provide the tax‑calculating figures for each line as instructed.
• Review the completed schedule and use the built‑in validation to catch common errors.

Common Mistakes to Avoid

Even experienced filers slip up. Keep an eye on these frequent errors:

• Leaving line 3 or line 4 blank when a charter exists.
• Entering the wrong vessel identification number (e.g., IMO vs. registration).
• Mis‑calculating the 4% tax amount—use the Formize calculator for accuracy.
• Forgetting to attach an additional statement when the schedule requires it.

Where to Submit Your Completed Form

After you’ve saved the filled Schedule V, attach it to your Form 1120-F filing. Submit the combined package to the IRS address listed in the Form 1120-F instructions or upload it through the IRS e‑file system if you’re filing electronically.

Need a printable copy? The fillable PDF also offers a Download button so you can keep a hard copy for your records.