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Glossary

Form 8621

The IRS form filed annually for each PFIC a US person holds. One Form 8621 per fund per year.

Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. A separate Form 8621 is required for each PFIC, each year. The form captures the election (QEF / MtM / §1291), the inclusion or excess distribution amount, the interest charge under §1291(c), and the running basis. Aggregate filing under §1.1298-1(b)(3) is available only in narrow circumstances. Penalties for failure to file include extension of the statute of limitations on the entire return.

Related

This glossary entry is general reference, not advice for your specific return. Start your filing on the residency step.