How to electronically file including a PFIC 8621 form?

Forum|Forum|4 years ago
December 5, 2021
4 replies
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I'm a long time DIY TT user. I can do everything and file electronically EXCEPT that I will have a PFIC (passive foreign investment corp) Reg 1-1295-1(G)(1) form going forward. That means preparing an IRS f8621 which is NOT included in TT. I handled it for TY2020 by preparing the f8621 manually, and doing an amended return in TT since this changed both Sch D (LT cap gain) and Sch A (AGI which changed a deduction limit). I printed it all out and mailed it in (Fed, State/OR).

I am glad to do this again in TY2021 and beyond, but I want it to be all filed electronically without an amendment; I can extend and wait for the 1295 form from the PFIC. At that point, I'll have a complete TT tax file, and a PDF of the completed 8621 form. But I can't file that myself electronically via TT.

How can TT's 'expert assistance' program help? Can I upload all of that and have a TT 'expert' file it for me?

PS - I'm a Mac user.

Thanks! Joel

Best answer by Critter-3

I think he means you prepare the form manually and physically insert the printout into the printout of your return to MAIL your whole return (not efile). You don't insert it into the Turbo Tax program. You just add it to your paper mailed return.

The TT program doesn't handle that form in any way, shape or form so it must be mailed with your paper return or you can seek out a local paid tax pro who can complete and include/attach that form a an efiled return. If you paper file then the correct place to attach the form is in the proper sequence using the attachment sequence number :

Mike9241

8621 is not handled by TT.

prepare your return in TurboTax. Fill out Form 8621 manually, and then insert the completed Form 8621 into their tax return documents (using Attachment Sequence Number 69). Finally, they would then paper-file their complete tax return, including Form 8621. This tax return filing would be sent to the normal, regular, IRS office where taxpayers in that person's particular state routinely file.

Critter-3

None of the TT DIY programs can handle this form at all so your only choice to efile it with that form is to employ a paid professional preparer who can attach a form to an efiled return.

JSRR1950Author

Employee

Thanks. I'll try the attachment sequence 69 idea proposed by the earlier respondent (Mike)

JSRR1950Author

Employee

Thank you everyone! I'm off to find a local pro who can take my TT file and the manual f8621 and combine them into an electronic submission to the IRS (and State). Many thanks for all the help! Joel

treasure hunt

When does TurboTax support Form 8621 to file electrically?

Critter-3

Never ... the TT program files income tax returns not informational returns.

treasure hunt

Form 8621 is a part of income tax return, i.e. it affects income tax...

jdc001

I have a followup to your response. I have not yet received the PFIC form form the corporation where I am an investor. I have looked at form 8621 however it is unclear where dividend income should be entered on Tax Return. They say to enter as "ordinary income" however I am now perplexed as to where this would be entered in TurboTax once I have a figure from Form 8621. Thoughts on this?