Anyone know how to attach IRS supplemental form 8621 to TurboTax?

[wanna_know]

Anyone know how to attach IRS supplemental form 8621 to TurboTax?

This is a supplemental form and does not affect 2020 taxes.

[HelenC12 · Accepted solution]

TurboTax does not include Form 8621 Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund so you're not able to attach it to your tax return and e-file it. You'll need to mail in your tax return. 

Per IRS instructions: Attach Form 8621 to the shareholder's tax return (or, if applicable, partnership or exempt organization return) and file both by the due date, including extensions, of the return at the Internal Revenue Service Center where the tax return is required to be filed.

• If you are not required to file an income tax return or other return for the tax year, file Form 8621 directly with the Internal Revenue Service Center, Ogden, UT 84201-0201.

[Wlaperch24]

I have already submitted my Tax Returns through Turbotax, but I forgot to include the Form 8621 in my return. The PFIC I have invested in generated $0 in income for 2021 (I haven't sold any stocks and they haven't paid me any dividends). I believe i just need to include this form to let the IRS know I have acquired shares and make the QEF election on the document. What is the best way to fix my mistake? Am I able to just send these forms in by mail separate from my return? Do I need to indicate somewhere on Turbotax that I will be doing this? Thank you for your help!

[MayaD]

Please check JohnW15 response regarding form 8621.

TurboTax answer.

[Wlaperch24]

Thank you for sharing that! I just had one follow up question to confirm. Do i still need to include the Form 1040 X when i mail this in if no income numbers have changed in my return? I am indicating on Form 8621 that i have received no income at all for the PFIC in 2021. I am just documenting with the IRS that i have acquired shares. I appreciate your help!

[DianeW777]

Yes.  The Form 8621 does not have a signature slot and is therefore not considered a stand alone form.  Even though there is no change you must attach a Form 1040-X and an explanation is entered on page 2 to explain why you are amending.  Then attach Form 8621 to the amendment before mailing.

• Instructions Form 8621

[Wlaperch24]

Thank you so much for the quick response! That makes sense.

Sorry one last question. Do i need to fill out the Lines 1-23 on the 1040x if nothing has changed or can i skip right to Part 3 where i explain i am just attaching additional document Form 8621.

Thank you again for your help!

[DianeW777]

Yes, you do need to complete the Form 1040-X. It's important not to confuse the IRS even though there will be an explanation on page 2. Don't forget to sign the Form 1040-X.