Search Help Topics:

1

If dividend income on Federal Schedule B (Form 1040) Interest and Ordinary Dividends (or Form 1040 U.S. Individual Income Tax Return ) is larger than you expect (and Federal Form 8621 Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund is a part of your return and includes dividend income), follow the steps below to review the Form 8621 entries.

Dividend amounts are only transferred to Schedule B from Form 8621 if they are entered on the additional lines provided immediately below and to the left of Lines 15a and 15e on Form 8621. No amount entered on the actual Lines 15a and 15e are transferred because of the issue of the income then possibly being taxed twice. The text to the left of those lines on your screen explains this. If the amounts are already reported as income on Form 1040 due to other entries, then no amount should be entered on those lines immediately below and to the left of Lines 15a and 15e. The programming is handled this way as it cannot be certain what income has already been reported on Form 1040. You would still enter the appropriate amounts on the actual Lines 15a and 15e, do not enter the same amount on the lines below and to the left of those lines.

To access Form 8621 in the TaxAct program, go to our Form 8621 - Fillable Form - Return by a Shareholder of a PFIC or Qualified Electing Fund FAQ.


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


Was this helpful to you?