I believe that mutual and bond funds are being considered to have some foreign company exposure. If one has taken an RMD or withdrawal from another retirement savings, needing Form 8606,I am sure that triggers the need for Form 8621. This is my first year to have a need for 8621, having used Turbo-Tax since 2009.
Following is from Form 8621, Who Needs To File:
However, a U.S. person that owns
stock of a PFIC through a tax-exempt
organization or account described in the
list below is not treated as a shareholder
of the PFIC.
• An organization or an account that is
exempt from tax under section 501(a)
because it is described in section
501(c), 501(d), or 401(a).
• A state college or university
described in section 511(a)(2)(B).
• A plan described in section 403(b) or
457(b).
• An individual retirement plan or
annuity as defined in section 7701(a)
(37).
• A qualified tuition program described
in section 529 or 530.
• A qualified ABLE program described
in section 529A.
