How do I know if I need to file form 8621? My 2018 taxes were done by CPA and he has filed this form (mark to market). However for 2019 taxes, TurboTax is not asking for Passive Foreign Investment. If this form is required, let me know how to get there using TurboTax Premier.
Thanks.
TT does not support form 8621 for a PFIC. You will need to go to the IRS website and download form 8621 and the instructions. Also go to the Company's website and download the data you will need to fill out form 8621.
Thank you. Based on what I read on this forum...looks like I need to mail my return.
Hey Gujju,
How did you handle form 8621 along with TT? Did you paper file and attached form 8621?
Were there any gains from 8621 that you needed to add to 1040?
I am in the similar situation. In 2019 CPA did MTM. I want to know how to handle that in TT for 2020?
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Shrinivas
TurboTax does not support Form 8621, unfortunately. In order to file free, you will need to download the form from the IRS website, fill it out and paper file along with your tax return.
To download, here is the link: https://www.irs.gov/forms-pubs/about-form-8621
To see if you are required to file, read here:
Per IRS, s U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) is required to file a Form 8621 if they:
@sdevshatwar
TurboTax doesn't support this form in any of their programs. More customers than ever
are going to need to file this form. You all need to support more of these forms for your
customers. because you do not support this form, I have to file a paper return which is
a bit ludicrous in this day and age.
I agree with Shuttle1421. Form 8621 needs to be included in TT. I just found out that I need to file it. I'm disappointed that TT (Home & Business) didn't bring this to my attention.