Tax software and form 8621 PFIC

Discussion of the Gold portion of the Permanent Portfolio

Moderator: Global Moderator

Post Reply
dragoncar
Executive Member
Executive Member
Posts: 1111
Joined: Wed Aug 10, 2011 7:23 pm

Tax software and form 8621 PFIC

Post by dragoncar » Tue Jan 31, 2017 2:44 pm

I've used TaxAct in the past to file this form for GTU/PHYS, around $15. Now they've upped the price and I'm wondering what other options are out there. What does everyone use?

I think worst case I can use the free version TaxAct and then fill out 8621 myself and paper file.
dragoncar
Executive Member
Executive Member
Posts: 1111
Joined: Wed Aug 10, 2011 7:23 pm

Re: Tax software and form 8621 PFIC

Post by dragoncar » Tue Jan 31, 2017 5:15 pm

Good idea, although that's probably more work than just paper filing to begin with. I assume you are preferring to e-file for speed/convenience?

Anyone have a reason NOT to just paper file? I guess you'll delay your refund if that's an issue? I've read it may decrease the risk of audit to paper file. I've also read that it may decrease your risk of getting your info hacked. Both are debatable in my mind.
User avatar
Xan
Administrator
Administrator
Posts: 4392
Joined: Tue Mar 13, 2012 1:51 pm

Re: Tax software and form 8621 PFIC

Post by Xan » Tue Jan 31, 2017 9:37 pm

For the past several years I've used "Free File Fillable Forms": https://www.freefilefillableforms.com/

It's the official option for free e-filing that has no income restrictions. I think it's fantastic: it's the advantages of computerized taxes: it does the math for you, no printing and mailing (although you can if you like), etc. Other than that it stays out of your way: no wizards, no hiding anything behind the scenes. It's the electronic version of you picking up a tax form and filling it out.

This recommendation is slightly off-topic in this thread because, for whatever reason, it also doesn't have Form 8621.
Libertarian666
Executive Member
Executive Member
Posts: 5994
Joined: Wed Dec 31, 1969 6:00 pm

Re: Tax software and form 8621 PFIC

Post by Libertarian666 » Fri Feb 03, 2017 4:12 am

I use H&R Block At Home, which doesn't cover that form. I fill it out myself and file on paper.

Which reminds me, this year the IRS interactive tax assistant says I don't have to file at all. Do I still need to file the whole return just for the 8621? (I believe the FBAR still has to be filed regardless).
bedraggled
Executive Member
Executive Member
Posts: 705
Joined: Sat Sep 13, 2014 4:20 am

Re: Tax software and form 8621 PFIC

Post by bedraggled » Fri Feb 03, 2017 5:24 am

Tech,

Do you need to file the FBAR due to your Swiss annuities?

Thanks.
Libertarian666
Executive Member
Executive Member
Posts: 5994
Joined: Wed Dec 31, 1969 6:00 pm

Re: Tax software and form 8621 PFIC

Post by Libertarian666 » Fri Feb 03, 2017 8:12 am

bedraggled wrote:Tech,

Do you need to file the FBAR due to your Swiss annuities?

Thanks.
Yes, as well as my Global Gold holding. I know they say they aren't a financial institution, but who knows what the IRS thinks? No one, apparently.
Post Reply