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Form 8621 - Return by a Shareholder of a Passive Foreign Investment Company More Than 50 Forms
1

The TaxAct® program supports the entry of fifty (50) Form 8621 Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund in a return.

If you need to file more than 50 Forms 8621, you must paper file your return. The following workaround will allow you to do this in the TaxAct program.

Before starting the steps below, group the forms according to the election that needs to be selected in Part II of the Form 8621. Only forms with the same election are able to be combined on a single Form 8621, which is required in Step 4 below.

  1. Set aside all but 19 of the Forms 8621, ensuring that the remaining forms have the same election chosen in Part I of the form. If this is not possible, see the note below.
  2. Enter each of the forms you have grouped together one at a time in the program. Print each of these forms, then delete them from the program so you can enter more. In the end you should have a printed copy of each of the Forms 8621, other then the 19 set aside.
  3. Be sure all of the Forms 8621 are deleted in the return so there is no accidental doubling of amounts in the return.
  4. Enter the 19 forms you set aside. On the 20th form, enter the combined amounts from the printed forms you grouped together. In the Name of passive foreign investment company (PFIC) or qualified electing fund (QEF) field on the form(s), enter the "TOTALS FROM COMBINED FORMS 8621" text.
    Note. These combined amounts must be from forms with the same election selected in Part II of the Form 8621.

When you print the return, do NOT send the Form(s) 8621 with the combined amounts to the IRS. Instead, replace the form(s) with the printed copies of each individual Form 8621 (from Step 2). The combined forms were only entered to enable all of the information to flow correctly to federal Form 1040 in TaxAct.

Note. If it is not possible to group forms together, you will need to set aside a smaller amount of individual forms and have two groups for the remaining forms. These two groups should have two separate elections in Part II, but the forms within each group must all have the same election.

To enter the information for each Form 8621 in the TaxAct program:

TaxAct Online Users Forms Method
  1. Sign in to your TaxAct Online return.
  2. Click Tools down the left to expand, then click Forms Assistant.
  3. Click to expand the FEDERAL Forms folder, then click to expand the Forms and Schedules folder.
  4. Click Form 8621 Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.
  5. Click Add to create a new copy of the fillable form where the information can be entered or click Form to review a form already created.
TaxAct Desktop Users Forms Method
  1. Click the Forms icon in the toolbar.
  2. Expand the Federal folder, then expand the Forms and Schedules folder.
  3. Double-click Form 8621 Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.
  4. Enter the information directly on the form.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.