IRS 8621 2013 free printable template
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Form 8621 (Rev. December 2013) Department of the Treasury Internal Revenue Service Name of shareholder Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing
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How to fill out IRS 8621
How to fill out IRS 8621
01
Gather all relevant information about your foreign corporations or trusts.
02
Obtain a copy of IRS Form 8621 from the IRS website.
03
Complete part I by providing your personal information, including your name, address, and taxpayer identification number.
04
In part II, report the information about the foreign corporation or trust, including their names, addresses, and EINs.
05
Fill out part III to indicate your ownership in the foreign corporation or trust.
06
If applicable, complete part IV to report any income, gains, losses, or deductions from your interest in the foreign entity.
07
Review the instructions on page 4 of Form 8621 for specific reporting requirements that may apply to your situation.
08
Sign and date the form before submitting it.
09
Keep a copy of the completed form for your records.
Who needs IRS 8621?
01
U.S. taxpayers who have an interest in a foreign corporation or a foreign trust.
02
Individuals who own shares in a Passive Foreign Investment Company (PFIC).
03
Taxpayers who receive distributions from foreign trusts or corporations.
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People Also Ask about
What are examples of PFIC?
Examples of securities that are classified as PFICs are Canadian mutual funds, Canadian pooled funds, Canadian Exchange Traded Funds (ETFs) and many Canadian income trusts or real estate investment trusts (REITs).
Who needs PFIC reporting?
PFICs and Tax Strategies U.S. investors who own shares of a PFIC must file IRS Form 8621. This form is used to report actual distributions and gains, along with income and increases in QEF elections. The tax form 8621 is a lengthy, complicated form that the IRS itself estimates may take more than 40 hours to fill out.
What qualifies as a PFIC?
The IRS defines a passive foreign investment company (PFIC) as a non-U.S. entity that either earns 75% or more of its gross income from non-business operational activities (the income test); or, if it least 50% of its assets are held for generating passive income (the asset test).
Who needs to file PFIC?
A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621 if they: Receive certain direct or indirect distributions from a PFIC. Recognize a gain on a direct or indirect disposition of PFIC stock.
Is there a threshold for filing form 8621?
Threshold for Reporting PFIC The person who is single or married filing separate has to file form 8621 in any year that their total number of PFICs exceed $25,000.
What is the purpose of IRS form 8621?
A U.S. person can attach the Form 8621 to an amended return for the tax year of the U.S. person to which the election relates if the U.S. person can demonstrate that the reason for not filing the form with its original return was due to reasonable cause.
Is there a penalty for not filing form 8621?
There is actually no penalty for not filing this form when you are supposed to. However, the statute of limitations for assessing penalties is suspended until you do file the form, if required. That means your entire return remains subject to audit until three years after you file the required Form 8621.
How do you determine if an investment is a PFIC?
Under the income test, a foreign corporation is a PFIC if 75% or more of its gross income is passive income. Under the asset test, a foreign corporation is a PFIC if 50% or more of the average value of its assets consists of assets that would produce passive income.
What is form 8621 for?
More In Forms and Instructions A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621 if they: Receive certain direct or indirect distributions from a PFIC. Recognize a gain on a direct or indirect disposition of PFIC stock.
Are ETFs considered PFICs?
Most PFICs are simply “pooled investments” incorporated outside of the United States. These include foreign mutual funds, exchange-traded funds (ETFs), closed-end funds, hedge funds, insurance products and investments held in some non-U.S. pension plans.
Is there a penalty for not filing 8621?
Penalties for failure to file Form 8621 could include a $10,000 penalty (under Form 8938), and suspension of the statute of limitations with respect to the U.S. shareholder's entire tax return until Form 8621 is filed.
Do I have to file 8621 every year?
Most US citizens who are shareholders in a PFIC are required to file Form 8621 every year. Using Form 8621, shareholders can report certain types of PFIC income.
Do I need to file form 8621 every year?
If you are a direct or indirect shareholder of a PFIC, you are required to file IRS Form 8621 for each year that you: Recognize gain on a direct or indirect disposition of PFIC stock, or. Receive certain direct or indirect distributions from a PFIC, or. Make an election reportable on Form 8621.
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What is IRS 8621?
IRS Form 8621 is used by U.S. persons who own shares in certain foreign corporations classified as passive foreign investment companies (PFICs) to report their ownership and income from those investments.
Who is required to file IRS 8621?
U.S. persons, including individuals, corporations, partnerships, and other entities, who own shares in a PFIC are required to file IRS Form 8621.
How to fill out IRS 8621?
IRS Form 8621 can be filled out by providing details such as the shareholder's personal information, information about the PFIC, the type of income received, and the applicable elections regarding the taxation of the PFIC.
What is the purpose of IRS 8621?
The purpose of IRS Form 8621 is to ensure compliance with U.S. tax laws regarding investments in PFICs and to report gains, income, and distributions from these investments.
What information must be reported on IRS 8621?
Information that must be reported on IRS Form 8621 includes the name and address of the PFIC, the number of shares owned, the income received, any distributions made, and any applicable elections made regarding the PFIC.
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