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Are PFIC dividends qualified?

These rules are relevant principally because section 1(h)(11)(C)(iii) provides that dividends from a foreign corporation which for the taxable year of the corporation in which the dividend is paid, or the preceding taxable year, is an FPHC, a FIC, or a PFIC, are not qualified dividend income.

Can I file form 8621 separately?

Corporation (PFIC) A separate Form 8621 must be filed for each PFIC in which stock is held directly or indirectly.

How do I report PFIC income?

PFIC reporting is the requirement that US citizens or green card holders, who indirectly or directly own shares in a PFIC at any time during the year, must file Form 8621 with the IRS. As this is an additional and often complex form, you will need to pay your tax advisor additional fees to prepare these.

Do I need to report PFIC?

Form 8621: The IRS requires U.S. owners of a PFIC to report ownership of their passive foreign investment companies on Form 8621. Common examples include foreign mutual funds and holding companies. In recent years, the IRS has aggressively increased enforcement of offshore reporting.

What are the PFIC rules?

The Passive Foreign Investment Company (PFIC) rules are designed to prevent United States investors (1) from deferring United States tax on passive income earned through foreign corporations, or (2) from converting such income into capital gains that are taxed at preferential rates.

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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.

How are PFIC gains taxed?

All capital gains from the sale of PFIC shares are treated as ordinary income for federal income tax purposes and thus are not taxed at preferential long-term capital gain rates (Sec. 1291(a)(1)(B)).

What is the tax rate for PFIC?

Instead, income from PFICs is now taxed at not just any ordinary income tax rate but at the highest one. This income is automatically taxed at the maximum tax rate normally reserved for only the highest earners. At the time of publication, this tax rate was 37%.

What is the tax rate on PFIC?

Instead, income from PFICs is now taxed at not just any ordinary income tax rate but at the highest one. This income is automatically taxed at the maximum tax rate normally reserved for only the highest earners. At the time of publication, this tax rate was 37%.

Who must file IRS 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.

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Are PFIC dividends qualified?

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Is there a penalty for not filing 8621?

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