Form 8621 example-2025

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The document contains tax-related information and calculations for John Smith regarding his investments in a Passive Foreign Investment Company (PFIC), specifically the Europe Index Mutual Fund. It includes details on excess distributions, foreign tax credits, and various tax forms such as Form 8621 and Form 1040 for the year 2016. The calculations outline the tax implications of distributions received from the PFIC, including interest charges and adjustments to taxable income.

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What qualifies as a PFIC?

A foreign corporation is a deemed passive foreign investment company (PFIC) if 75% or more of its gross income is from non-business operational activities (the income test), or at least 50% of its average percentage of assets is held for the production of passive income (the asset test). 1\ufeff

How do I file a PFIC?

You can file Form 8621 online with H&R Block's Expat Tax Services. You may have to file more than one form\u2014if you're required to file Form 8621, you must file a form for each PFIC in which stock is held. For example, if you have five funds in your portfolio, you need to file five forms 8621.

Do I need to file a PFIC?

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.

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Is a stocks and shares ISA a PFIC?

Individual stocks and shares in an ISA do not have PFIC reporting, but ISAs commonly contain funds (groups of shares) and these are liable to PFIC reporting.

Where do I file form 8621?

If you are not required to file an income tax return or other return for the tax year, file Form 8621 directly with the Internal Revenue Service Center, Ogden, UT 84201-0201.

Does TurboTax have form 8621?

Additionally, TurboTax does not offer Form 8621 for Passive Investment Company reporting requirements.

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).

Form 8621 example-2025

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Is a stocks and shares ISA a PFIC?

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