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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

  1. Go to
    Organizer
    Foreign Information
    Return by Shareholder of PFIC or QEF
    Name
    Dist. and Disp. of Stock in 1291 Fund
    .
  2. Add a
    Current Total Distrib Amount
    to populate the Part V of Form 8621.
  3. Enter a
    Distribution
    or
    Disposition
    amount, and a
    Three Letter Currency Code
    (for example, USD) for each listed entity.
    note
    This needs to be done for every 8621 or
    Return by Shareholder of PFIC or QEF
    entry.
  4. 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.

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