IRS Form 8621 Instructions
- 1). Open Form 8621-A on the IRS website web page (see Resources.) While some IRS tax forms change yearly, Form 8621-A has been the same since the 2006 tax year.
- 2). Print the page out using the button with the printer icon that appears at the top of your browser window if you prefer to fill the form out by hand. If you prefer to fill the form out on the computer, click into any of the grayed out boxes on the form to type directly into the PDF form.
- 3). Enter the requested personal information at the top of the form. Type your name into the “Name of shareholder” box, your social security number or government-issued Tax ID number into the “Identifying number” box and your address in the designated fields.
- 4). Choose the option that best fits your relationship with the passive foreign investment company, such as current or former shareholder, and the company’s current status, such as former PFIC or existing PFIC, in the “Elections” section. A detailed description of each option appears directly on Form 8621.
- 5). Fill in the requested information regarding the PFIC in the “Information for Elections with Respect to Former PFICs” or the “Information for Elections with Respect to Section 1297(e) PFICs, depending on whether the PFIC still exists or not.
- 6). Complete the “Computation of Tax and Interest Due” section with your personal financial information. Instructions on the form designate what financial information should be entered into each line.
- 7). Use the “Balance Sheet for Election Year” to enter your assets and stock equity information if you chose either the “B” or “D” option under the “Elections” section. The lines on the form state clearly what information you must enter into each line.
- 8). Sign the page of the form labeled “Closing Agreement on Final Determination Covering Specific Matters.” Print the form out if you filled the form out online.
- 9). Submit Form 8621 to the IRS. The form can be submitted with your regular tax return.
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