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Screen 8621 - Passive Foreign Investment Company or Electing Fund (1040)

Form 8621 - General Information

Enter
X
 only if this Form 8621 is included in the total number of Forms 8621 reported on Form 8938, Excepted Specified Foreign Financial Assets, Part IV, line 4.
Enter the name, EIN or reference ID number, address, city, state (or a period for a foreign address), and ZIP code, or country of the passive foreign investment company or qualified electing fund.
If no EIN is entered for the PFIC or QEF, then a reference ID number is required. The reference ID number must be alphanumeric and is generated by or on behalf of the taxpayer. See the IRS Form 8621 instructions for more information.
Enter the beginning and ending dates (MM/DD/YY) if the company or fund has a fiscal tax year. If this field is blank, the default is a calendar year.

Summary of Annual Information

Use this section to enter the PFIC share information for the shareholders required to file Form 8621 under section 1298(f) and the related regulations. For exceptions to completing Part I, Summary of Annual Information, see the IRS Form 8621 instructions.
This field is inactive if data is present in the
Or, percentage of shares held
 field.
Enter a shareholder’s percentage of ownership here in cases in which the ownership interest in a PFIC is not denominated in number of shares. Note that this field is inactive if data is present in the
Number of shares held
 field.

Elections

Use this section to make elections for Form 8621, Part II.
When data is entered in the
Deemed dividend election
 statement, the corresponding election is marked on Form 8621, page 1, and the statement information prints in a required statement. In the corresponding
Deemed dividend election
 statement, enter the qualification date (G only), termination date (H only), election year beginning and ending dates (G and H only), and the pro-rata share of the post-1986 earnings and profits of the PFIC that is treated as distributed to the shareholder. If the earnings and profits are reduced by an amount that was previously included in the shareholder's income (or the income of another U.S. person), then include that shareholder's name, address, identifying number, and tax year. Also, include the provision of law under which the amount was previously included in income, a description of the transaction if the stock was acquired from another U.S. person, and the provision of law under which the shareholder's holding period included the holding period of the other U.S. person.
Enter in the
Calculation statement
 the details showing how the pro-rata share of the post-1986 earnings and profits, treated as distributed to the shareholder, were calculated. The information entered here prints in a required statement.
For further information on the attachment details required for these elections, see the IRS Form 8621 instructions.

Income From a Qualified Electing Fund (QEF)

Use this section to enter the amounts needed to calculate income from a qualified electing fund for Form 8621, Part III.
Amounts in this field report net of any amounts in the
Portion of the above ordinary earnings included in income
 field on the
Other income
 line of Schedule 1 (Form 1040).
If section 951 includes any of the amount, you cannot make election B.
If section 951 includes any of the amount, you cannot make election B.
Enter the total amount of cash and the fair market value of other property distributed or deemed distributed to the shareholder during the tax year of the QEF.
The portion must be attributable to shares in the QEF that the shareholder disposed of, pledged, or otherwise transferred during the tax year.

Additional Information Required

Enter the share information that is required to be attached to Form 8621. This information prints in a required statement.
Enter information here to substantiate that the excess QEF distribution (Form 8621 line 8b exceeds line 8a) is not included in taxable income because it was previously included by the taxpayer or another U.S. person, enter the following: the other U.S. person's name, address, and identifying number; the tax year and the provision of law under which the amount was previously included in income; a description of the transaction in which the shareholder acquired the stock from the other U.S. person; and the provision of law under which the shareholder's holding period included the holding period of the other U.S. person. This information prints in a
QEF Distribution
 statement when Form 8621, line 8b, has an amount.
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