pugpack
Returning Member

Form 8621 - Notification of a Passive Foreign Investment Company

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

After you file

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.

After you file

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.