Solved

How to Report PFIC Income

Forum|Forum|3 years ago
March 12, 2023
1 reply
0 views

How do I report income from a PFIC (Passive Foreign Investment Company) in TurboTax? The income is supposed to be reported on form 8621 but I can't seem to access this form in TurboTax.

Best answer by JohnB5677

Unfortunately, TurboTax does not support PFIC taxation.

"You are correct that TurboTax does not support PFIC taxations or the reporting form, Form 8621 due to their very complex nature.

You are only responsible for reporting on PFICs that you have owned since the date you became a U.S. person for tax purposes.

Most of the information that you are seeking can be found in the Form 8621 instructions here: Form 8621 Instructions. However, the instructions aren't particularly user friendly."

See original post at PFIC Tax calculation.

JohnB5677Answer

Unfortunately, TurboTax does not support PFIC taxation.

"You are correct that TurboTax does not support PFIC taxations or the reporting form, Form 8621 due to their very complex nature.

You are only responsible for reporting on PFICs that you have owned since the date you became a U.S. person for tax purposes.

Most of the information that you are seeking can be found in the Form 8621 instructions here: Form 8621 Instructions. However, the instructions aren't particularly user friendly."

See original post at PFIC Tax calculation.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"