Common questions on Form 8621 in ProConnect Tax

This article will give instructions for generating Form 8621 Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund in ProConnect Tax.

How do I generate Form 8621 in the program?

Form 8621 is an input/output form. Data entry can be made for the form itself in the following ways:

• Individual (1040):
  1. From the Input Return tab, go to Miscellaneous Forms ⮕ Shareholder Return PFIC/QEF (8621).
  2. Make any applicable inputs for the 8621 on this input screen.
• Partnership (1065):
  1. From the Input Return tab, go to Other Forms ⮕ Return by a S/H of a PFIC/QEF (8621).
  2. Make any applicable inputs for the 8621 on this input screen.
• Corporate (1120):
  1. From the Input Return tab, go to Other Forms ⮕ Shareholder Return PFIC/QEF (8621).
  2. Make any applicable inputs for the 8621 on this input screen.
• S-Corp (1120S):
  1. From the Input Return tab, go to Other Forms ⮕ Shareholder Return PFIC/QEF (8621).
  2. Make any applicable inputs for the 8621 on this input screen
• Exempt Organization (990):
  1. From the Input Return tab, go to Miscellaneous Forms ⮕ Shareholder Return PFIC/QEF (8621).
  2. Make any applicable inputs for the 8621 on this input screen

Why don't amounts from this form affect anything else in the return (e.g. results don't flow to the 1040)?

Information entered for Form 8621 doesn't flow to any fields in the return as stated in the instructions for the form.

There are no calculations directed related to the form and as such, no automatic calculations are made to carry the amounts generated on the form to associated schedules and forms. Amounts that need to be reported on other forms and schedules (ie, Capital Gains on Schedule D, etc.) must be manually entered in those forms as well.