To answer my own question about accrual versus cash basis recognition of income, it looks like for someone that is making the election to treat the PFIC as a QEF that all income is to be reported on the individual's tax return in the year it is reported to them, irregardless of the amount distributed that year.
So, now I know I have $12 of ordinary income to be reported on my 1040, somewhere, from this PTP I was invested in but I don't know what line that should be reported on. Not only that, but there are other issues in regard to this PTP and the PFIC that Turbotax also can't handle.
What it amounts to is I should have taken my return to a CPA this year and not tried to do it on my own with TT. But, I didn't know that until now. So, I've wasted $90 on TT and will have to shell out $375 to my former CPA and have her do my return for 2019.
To those who have stated that Form 8621 is just an information return and that no tax is due from the form, I take issue. If you have income and/or capital gains from a PTP that invested in a PFIC there is a good probability you owe tax on that income. I advise you to not rely on TT but consult a competent CPA. Statute of limitations doesn't apply in this case. You're on the hook for any tax due plus interest and penalties for failure to report and pay it correctly for all years, if the IRS should do an audit on your return.
"The QEF election involves including the ordinary income and capital gains in the shareholder’s income each year –even if the money was not actually received."
https://www.form8621.com/pfic-taxation/qef-qualified-electing-fund/
I'm simply lost on this and need professional advice, not some tax guru from TT with no training in the subject.
