We are having problems understanding why all of a sudden the PFIC income from the 8621 forms, which shows up in Schedule 1, does not flow into the Form 1116 “Income from all sources”. The strange thing is that it was working a couple of weeks ago. Has there been an update which changed something?
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I apologize if this is not responsive to your question, but I had to ask.....
When did they add the 8621 and 5471 form sets to the 1040? I'M SHOCKED!! I've been waiting for that one for years. Even if they're not functional and are their simply to create a PDF and carryforward. [I've been using eForms for years.] Any chance that the 8865 is next? Can I get a 5227 too????
I'm going to renew!
@DCIAre you sure PS automatically flows these numbers from F.8621 at all? Even Lacerte/PTO doesn't flow anything other than 1291INT to Sch 2 and 1291TAX you plug in to F.1040 Line 12a. I would really be impressed if PS can do a better job than Lacerte/PTO for PFIC and that the numbers will actually flow to F.1116 given the rules on FTC wrt PFIC.