Form 8621 turbotax-2025

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Form 8621 is an information return required by shareholders of Passive Foreign Investment Companies (PFICs) or Qualified Electing Funds (QEFs) to report their holdings, income, and elections related to these investments for tax purposes. It includes sections for shareholder identification, details about shares held, income from QEFs, and various elections that can affect tax liabilities.

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How do I submit form 8621?

Attach Form 8621 to the shareholders tax return (or, if applicable, partnership or exempt organization return) and file both by the due date, including extensions, of the return at the Internal Revenue Service Center where the tax return is required to be filed.

Why am I getting a qualified business income deduction in TurboTax?

TurboTax automatically calculates your Qualified Business Income (QBI) deduction based on the entries you make for QBI businesses (Schedule C self-employment income, Schedule E rental income) or the entries you make for QBI income ``passed through from other businesses (1099-DIV, Schedule K-1).

Is form 8621 required?

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. This means even a small investment in a foreign mutual fund or similar financial vehicle could necessitate filing Form 8621.

How much is the fee for form 8621?

How much does it cost? The base fee is $165 USD / $220 CAD per form when the transactions are submitted in an excel format.

Is there a penalty for not filing?

The failure-to-file penalty is usually 5% of the tax owed for each month your return is overdue, up to 25% of the bill.

does turbotax support form 8621

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Does TurboTax support 8621?

TurboTax does not support Form 8621. However, if you are knowledgeable in how to complete the form, you may complete it manually and attach it to a tax return that you print and file by mail.

What is the statute of limitations on 8621?

The Form 8621 statute of limitations (the period of time in which the IRS may audit or examine the filing) typically expires 3 years from that April 15th date or the later date if the due date of the tax return was timely extended.

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.

Form 8621 turbotax-2025

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How to modify Form 8621 turbotax in PDF format online

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Got questions?

How do I submit form 8621?

Why am I getting a qualified business income deduction in TurboTax?

Is form 8621 required?

How much is the fee for form 8621?

Is there a penalty for not filing?

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Does TurboTax support 8621?

What is the statute of limitations on 8621?

Is there a penalty for not filing form 8621?

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