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Common questions on Form 8621 in Lacerte

by Intuit Updated 1 year ago

Below, you'll find answers to frequently asked questions about Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, in Lacerte.

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 on the following screens:

  • Individual (1040)  - Screen 84
  • Partnership (1065) - Screen 69
  • Corporate (1120) - Screen 84
  • S Corp (1120S) - Screen 78
  • Exempt (990) - Screen 90

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.

Lacerte doesn't support 8621 for Form 1041. Refer to the IRS Instructions for Form 8621 for more information.

Lacerte Tax

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