How to electronically file including a PFIC 8621 form?

Forum|Forum|4 years ago
December 5, 2021
5 replies
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I'm a long time DIY TT user. I can do everything and file electronically EXCEPT that I will have a PFIC (passive foreign investment corp) Reg 1-1295-1(G)(1) form going forward. That means preparing an IRS f8621 which is NOT included in TT. I handled it for TY2020 by preparing the f8621 manually, and doing an amended return in TT since this changed both Sch D (LT cap gain) and Sch A (AGI which changed a deduction limit). I printed it all out and mailed it in (Fed, State/OR).

I am glad to do this again in TY2021 and beyond, but I want it to be all filed electronically without an amendment; I can extend and wait for the 1295 form from the PFIC. At that point, I'll have a complete TT tax file, and a PDF of the completed 8621 form. But I can't file that myself electronically via TT.

How can TT's 'expert assistance' program help? Can I upload all of that and have a TT 'expert' file it for me?

PS - I'm a Mac user.

Thanks! Joel

Best answer by Critter-3

I think he means you prepare the form manually and physically insert the printout into the printout of your return to MAIL your whole return (not efile). You don't insert it into the Turbo Tax program. You just add it to your paper mailed return.

The TT program doesn't handle that form in any way, shape or form so it must be mailed with your paper return or you can seek out a local paid tax pro who can complete and include/attach that form a an efiled return. If you paper file then the correct place to attach the form is in the proper sequence using the attachment sequence number :

Mike9241

Level 15

8621 is not handled by TT.

prepare your return in TurboTax. Fill out Form 8621 manually, and then insert the completed Form 8621 into their tax return documents (using Attachment Sequence Number 69). Finally, they would then paper-file their complete tax return, including Form 8621. This tax return filing would be sent to the normal, regular, IRS office where taxpayers in that person's particular state routinely file.

JSRR1950Author

Level 2

Thank you Mike for the informative response . I'll take a deeper look at TT, but I don't see any menu items that offer 'insertion' of a form, even when I view Forms. There's also no HELP about the idea of "inserting a form". Is there somewhere I can "see/view" the forms that will become the 'tax return document'? Thanks again.

Critter-3

Level 15

Thanks!

But Darn! That's what I was hoping he didn't mean. That will mean the entire return is seen as a mail-in by the IRS and state.

Does anyone know of a preparer that can electronically add the manually prepared 8621 into my otherwise fully electronic TT return (perhaps by importing the TT return into another program?) and then electronically submitting the entire package to the IRS?

Thank you! Joel

Call local professionals in your area ... I would recommend an Enrolled Agent ... the IRS has a list here:

https://www.irs.gov/tax-professionals/choosing-a-tax-professional

JSRR1950Author

Level 2

Thank you everyone! I'm off to find a local pro who can take my TT file and the manual f8621 and combine them into an electronic submission to the IRS (and State). Many thanks for all the help! Joel

treasure hunt

Level 2

When does TurboTax support Form 8621 to file electrically?

Critter-3

Level 15

Never ... the TT program files income tax returns not informational returns.

treasure hunt

Level 2

Form 8621 is a part of income tax return, i.e. it affects income tax...

jdc001

Level 2

I have a followup to your response. I have not yet received the PFIC form form the corporation where I am an investor. I have looked at form 8621 however it is unclear where dividend income should be entered on Tax Return. They say to enter as "ordinary income" however I am now perplexed as to where this would be entered in TurboTax once I have a figure from Form 8621. Thoughts on this?