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.
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.
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.
U.S. citizens, resident aliens, estates, trusts, and partnerships that have an interest in an SFC or a PFIC must file 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.
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 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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