Form 8621 rev 2012-2025

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Form 8621 is an information return required by the IRS for shareholders of Passive Foreign Investment Companies (PFICs) or Qualified Electing Funds (QEFs). It collects details about the shareholder's ownership, tax year, and various elections related to the treatment of income and distributions from these foreign entities. The form includes sections for reporting share values, types of PFICs, and specific elections that can affect tax liabilities.

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What is the threshold for reporting PFIC?

There is no minimum ownership threshold for reporting a Passive Foreign Investment Company (PFIC) on Form 8621. US taxpayers, including expats, are required to file Form 8621 if they have any direct or indirect ownership in a PFIC, regardless of the amount.

How can I avoid PFIC tax?

Shareholders with a 10 percent or more interest in a CFC in which other U.S. shareholders own and control the stock are not subject to the PFIC rules. A startup can avoid the PFIC designation if all U.S. shareholders own their interest through a corporation that holds a 10 percent or more interest in the CFC.

Do I need to file form 8621 every year?

Yes, if you are a US person and have any direct or indirect holdings in a Passive Foreign Investment Company (PFIC), you are required to file Form 8621. This requirement applies regardless of the amount of your investment or whether you received any distributions from the PFIC during the tax year.

Does TurboTax do 8621?

After, youll need to mail the papers in and pay for postage. Additionally, TurboTax does not offer Form 8621 for Passive Investment Company reporting requirements. This is if you are a direct or indirect shareholder of a passive foreign investment company.

What are the exemptions for PFIC reporting?

Under current law, a shareholder need not file Form 8621 if the shareholder is not (i) treated as receiving an excess distribution from the fund, and (ii) the value of all PFIC stock owned as of the last day of the taxable year is $25,000 (or $50,000 for shareholders that file joint returns) or less.

PurposeWhat is Form 8621 used for?

The 8621 form is technically called Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund and is used in situations in which a person has a PFIC (Passive Foreign Investment Company). The (New) Form 8621 Reporting Requirements Explained 2024 goldinglawyers.com form-8621-reporting goldinglawyers.com form-8621-reporting

What are the restrictions for PFIC?

In order to meet PFIC status, a foreign firm must have 75% of their gross income be categorized as passive, or more than half of their assets held for passive income generation. Legal Information Institute, Cornell Law School. 26 U.S. Code Sec. 1297.

How much does it cost to prepare form 8621?

Transparent Pricing: We offer competitive pricing for our Form 8621 Preparation Service. The base fee is $165 USD / $220 CAD per form when transactions are submitted in an excel format. Additional charges apply for transactions submitted using statements or other documents.

Form 8621 rev 2012-2025

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