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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Dividends from a PFIC with QEF Election
Dividends from a PFIC with QEF Election
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DFTax
Level 1
03-14-2021
04:02 PM
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Does anyone have experience entering PFIC income with QEF election in Pro Series? I can enter the taxpayer share of PFIC earnings on Form 8621, but not sure what to do with the Dividend income reported on 1099 that is NOT taxable to the shareholder. Do I simply exclude it? Or somehow note the amount excluded and why? Thanks for any input!
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1 Comment 1
itonewbie
Level 15
03-15-2021
11:08 PM
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How does 1099 come into play for PFIC? And if that's for dividends, why should that not be taxable to the shareholder?
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