What is Form 8621 used for?

Form 8621 is used by shareholders of specified foreign corporations (SFCs) and shareholders of passive foreign investment companies (PFICs) to report certain information required under the Internal Revenue Code.

What are the penalties for not filing Form 8621?

Failure to file Form 8621 may result in significant penalties. For example, there is a $10,000 penalty for each year of noncompliance, and there may also be additional penalties for underpayments of tax or failure to report certain information.

Who needs to file Form 8621?

U.S. citizens, resident aliens, estates, trusts, and partnerships that have an interest in an SFC or a PFIC must file Form 8621.

What are the deadlines for filing Form 8621?

Form 8621 is generally due on the same day as the income tax return, but there are special rules for extensions and S corporation shareholders. Refer to the instructions for Form 8621 for more information.

What information is required on Form 8621?

Form 8621 requires information about the foreign corporation or PFIC, including its name and address, the number of shares owned, and the taxpayer's aggregate adjusted bases in the shares. It also requires information about income, gains, losses, deductions, taxes paid, and certain transactions with the foreign corporation or PFIC.

Form 8621

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Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund

Rev. December 2018

Form 8621 is used to report information about distributions from and dispositions of stock in a Passive Foreign Investment Company (PFIC). Complete Part I with basic information, including your name, social security number or individual taxpayer identification number, and the name and address of the foreign corporation. Part II is for reporting information on each share or block of shares that you own. Part III is for reporting income or loss from excess distributions and dispositions. Part V is for reporting gains or losses from distributions or dispositions of a section 1291 fund (a PFIC that meets certain criteria). Part VI is for reporting the status of prior year section 1294 elections and terminations. Complete a separate column for each outstanding election.

Instructions

Form 8621 Instructions - Instructions for Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund

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FAQ

What is Form 8621 used for?
Form 8621 is used by shareholders of specified foreign corporations (SFCs) and shareholders of passive foreign investment companies (PFICs) to report certain information required under the Internal Revenue Code.
What are the penalties for not filing Form 8621?
Failure to file Form 8621 may result in significant penalties. For example, there is a $10,000 penalty for each year of noncompliance, and there may also be additional penalties for underpayments of tax or failure to report certain information.
Who needs to file Form 8621?
U.S. citizens, resident aliens, estates, trusts, and partnerships that have an interest in an SFC or a PFIC must file Form 8621.
What are the deadlines for filing Form 8621?
Form 8621 is generally due on the same day as the income tax return, but there are special rules for extensions and S corporation shareholders. Refer to the instructions for Form 8621 for more information.
What information is required on Form 8621?
Form 8621 requires information about the foreign corporation or PFIC, including its name and address, the number of shares owned, and the taxpayer's aggregate adjusted bases in the shares. It also requires information about income, gains, losses, deductions, taxes paid, and certain transactions with the foreign corporation or PFIC.

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Tax forms

Form 8621 is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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