Error: IRS Form 8621 content incomplete - FunctionalCurrencyCd
The IRS Form 8621 schema requires Part V to be completed even when not applicable. This is a known IRS schema issue with an available solution.
Error message
Validation failed on [FILE_ID]: Form: IRS8621[@documentId='IRS8621'] Requirement: IRS Form 8621 Error: Expecting: DividendIncomeAndNetLTCGAmt, TotalCashAndDistributionsAmt, PortionOfProRateOrdnryEarnAmt, TotalCashAndPrtnOfProRataAmt, ProRataLessCashAndPortionAmt, TotalTaxForTaxYearAmt, TotTxWithoutProRataLessCashAmt, DeferredTaxAmt, FairMarketValueOfPFICStkAmt, AdjustedBasisInStockEndOfTYAmt, ExcessAmt, UnreversedInclusionsAmt, ExcessOrUnreservedInclsnAmt, FMVStkOnDtSaleOrDisposAmt, AdjBasisStkOnDtSaleOrDisposAmt, OrdinaryIncomeFromPFICStkAmt, StkSaleUnreversedInclusionsAmt, LossLimitedByOrdinaryIncomeAmt, LossExcessOfUnrvrsdInclsnAmt, FunctionalCurrencyCd Element Name: IRS8621
Solution
- Go to .
- Add aCurrent Total Distrib Amountto populate the Part V of Form 8621.
- Enter aDistributionorDispositionamount, and aThree Letter Currency Code(for example, USD) for each listed entity.noteThis needs to be done for every 8621 orReturn by Shareholder of PFIC or QEFentry.
- Do a full recompute, then recreate the e-file.
note
The IRS requires Part V completion when
FunctionalCurrencyCode
is present in the schema, regardless of whether the section applies to the taxpayer's situation.