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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Re: Where does Form 8621 income flow to on 1040? There were Capital Gains in 2020, but I'm not seeing where these are flowing through onto the 1040 income tax return.
Where does Form 8621 income flow to on 1040? There were Capital Gains in 2020, but I'm not seeing where these are flowing through onto the 1040 income tax return.
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kelly6
Level 2
09-20-2021
01:45 AM
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TP has UK ISA, invested in a fund.
There was a distribution in 2020, so need to report the gain, but not seeing that it's actually flowed through on the 1040 somewhere automatically.
There was a distribution in 2020, so need to report the gain, but not seeing that it's actually flowed through on the 1040 somewhere automatically.
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George4Tacks
Level 15
09-20-2021
10:35 AM
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Please define UK ISA.
Distribution does not necessary mean income. Review the entries on the 8621 and go through the instructions for Form 8621 https://www.irs.gov/pub/irs-pdf/i8621.pdf
Answers are easy. Questions are hard!
Answers are easy. Questions are hard!
