Form 8621 - Notification of a Passive Foreign Investment Company

[pugpack]

I have read several Q&A's on the form 8621.  I have been using Turbo Tax for as long as I can remember, 20 years maybe.  To not be able to e-file because of the 8621 is ridiculous, so I have to print a 100+ page return so that I can include a 2-page form which has no tax consequence.  The form contains such a small amount of information, especially when you are declaring the fund a QED (Qualified Electing Fund), and it pays no income during its life.  Turbo Tax should include this form so that you can efile.    One files this form as a notification to the IRS such that in the future if and when the Fund is sold the owner gets to claim it as a Long Term Capital gain as opposed to declaring it as income and paying your regular income tax rate on the gain.  I look forward to seeing it as an option with the 2022 version.

Thank you for your consideration

Andrew D

[Anonymous_]

See https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/irs-forms-included-turbotax/L5...

Regardless, your note will be passed along to the proper representatives.

[Critter-3]

Be careful you only print the return and not all the worksheets in the PDF file ... those do not go to the IRS or state.