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Instructions for IRS Form 8621
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Instructions for IRS Form 8621 Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
This document contains official instructions for IRS Form 8621 , Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8621 is available for download through this link.
FAQ
Q: What is IRS Form 8621?A: IRS Form 8621 is an Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.
Q: Who needs to file IRS Form 8621?A: Shareholders of a Passive Foreign Investment Company (PFIC) or Qualified Electing Fund (QEF) need to file IRS Form 8621.
Q: What is a Passive Foreign Investment Company (PFIC)?A: A Passive Foreign Investment Company (PFIC) is a type of foreign investment company characterized by passive income or assets.
Q: What is a Qualified Electing Fund (QEF)?A: A Qualified Electing Fund (QEF) is a type of PFIC that allows shareholders to elect to include their share of the fund's income annually.
Q: What information is required on IRS Form 8621?A: IRS Form 8621 requires information about the PFIC or QEF, including the shareholder's ownership interest and any income or gains from the investment.
Q: When is the deadline for filing IRS Form 8621?A: The deadline for filing IRS Form 8621 is generally the same as the taxpayer's annual tax return, typically April 15th.
Q: What are the penalties for not filing IRS Form 8621?A: Failure to file IRS Form 8621 can result in significant penalties, including additional taxes and interest on the unreported income.
Q: Do all shareholders of a PFIC or QEF need to file IRS Form 8621?A: Yes, all shareholders of a PFIC or QEF are required to file IRS Form 8621, regardless of the amount of their ownership interest.
Q: Can I file IRS Form 8621 electronically?A: No, currently IRS Form 8621 cannot be filed electronically and must be filed by mail.
Instruction Details:
- This 15-page document is available for download in PDF;
- Actual and applicable for filing 2023 taxes;
- Complete, printable, and free.
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