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PFICs
Please expand TurboTax to include the PFIC IRS form 8621. I cannot file that form with a paper return as some suggest because my state requires electronic filing in order to obtain tax credits. This conflict forces me to use a paid preparer instead of TurboTax. If you own stock in any foreign company that owns other securities, such as a foreign ETF or mutual fund, you probably have a PFIC. For example, the Sprott Physical Gold Trust based in Canada is a PFIC.
March 19, 2023
2:35 PM