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Form 8621-2025

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Form 8621 is a tax return document for shareholders of Passive Foreign Investment Companies (PFICs) or Qualified Electing Funds (QEFs). It outlines the necessary information and elections that shareholders must make regarding their investments, including income reporting, gain recognition, and tax deferral options. The form includes sections for shareholder identification, income from QEFs, mark-to-market elections, distributions from PFICs, and the status of prior year elections.

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Versions	Form popularity	Fillable & printable
2018	4.8 Satisfied (261 Votes)
2016	4.3 Satisfied (61 Votes)
2015	3.8 Satisfied (42 Votes)
2013	4 Satisfied (33 Votes)
2012	4.3 Satisfied (34 Votes)
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Is there a penalty for not filing form 8621?

There is 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.

What happens if you dont report a tax form?

If you dont include taxable income on your return, it can lead to penalties and interest. The IRS may charge penalties and interest beginning from the date they think you owe the tax.

Do I have to file form 8621?

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.

What happens if you dont file a gift tax return?

Avoid a filing penalty Failing to file a required gift tax return may result in a penalty of 5% per month of the tax due, up to 25%. Bear in mind that you might file a gift tax return even if youre technically not required to do so.

Do I need to file form 8621 every year?

Annual Filing: Generally, Form 8621 must be filed annually with the taxpayers federal income tax return. Reporting Income: Taxpayers must report their share of earnings and any gains distributed or recognized on PFIC investments.

What is the difference between form 8621 and 8938?

Meanwhile, Form 8621 falls under the IRS regulation that requires expat taxpayers to report investments in mutual funds and other pooled investments. It is a more specific report of a source of income compared to the general scope of Form 8938.

Form 8621-2025

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