How to fill out form 8621?

[rhymenocerous]

Amazingly, I can't find any info online to help fill out this form.  I have some very basic questions, as this is my first time filling it out. I bought shares of the Central GoldTrust (GTU) for the first time in 2012.

1. Above Part 1, it asks you to enter a Reference ID number. Reading the instructions, it seems like I can simply make up a number to refer to this PFIC. Is that correct? Can I just choose something like "1"?

2. Line 1 says "Description of each class of shares held by the shareholder". What does this mean exactly? Is it just "Central GoldTrust"? I'm not sure if there are different classes of shares.

3. Since I want to elect to treat this as a QEF, do I check box b in line 5? There aren't any excess distributions or gains, so I entered 0 next to it.

4. To complete the rest of the form, I check box A in Part II, and entered 0 in lines 6a - 7c. Is this correct? I've also attached the PFIC statement provided by GTU.

Thanks for your help.

[rickb]

Here's how Steve does it:

http://gyroscopicinvesting.com/forum/ht ... 503#p54503

[steve]

Amazingly, I can't find any info online to help fill out this form.  I have some very basic questions, as this is my first time filling it out. I bought shares of the Central GoldTrust (GTU) for the first time in 2012.

1. Above Part 1, it asks you to enter a Reference ID number. Reading the instructions, it seems like I can simply make up a number to refer to this PFIC. Is that correct? Can I just choose something like "1"?

2. Line 1 says "Description of each class of shares held by the shareholder". What does this mean exactly? Is it just "Central GoldTrust"? I'm not sure if there are different classes of shares.

3. Since I want to elect to treat this as a QEF, do I check box b in line 5? There aren't any excess distributions or gains, so I entered 0 next to it.

4. To complete the rest of the form, I check box A in Part II, and entered 0 in lines 6a - 7c. Is this correct? I've also attached the PFIC statement provided by GTU.

Thanks for your help.

The form for 2012 is slightly different  then the form from last year: The revised
Form 8621 contains a new Part I, Summary of Annual Information, which
will expand reporting requirements, but it is currently reserved for future
use. The revised instructions also indicate that new Part I is not required
until the Section 1298(f) regulations are published.
In addition, the revised instructions re-order the elections in Part II without
making any material changes. Finally, the revised instructions include a
minor administrative change in the Form of a field that has been added to
request the reporting of a PFIC or a QEF “Reference ID Number.”?
The new reference number is an alphanumeric number created by the tax payer and can be up to 50 characters.
Otherwise the form is the same.  Sample reference number gtuf8621
Note that I am not an accountant or offer tax advise, this is how I do it and hope I am correct.

[dragoncar]

Does anyone know if there is a way to file the rest of your return electronically, and then send 8621 by postal mail since TurboTax and HRBlock-at-home do not support that form? [Yes, I know TaxAct supports it, but I have been using HRBlock for years and do not care to switch]

Does TaxAct support the attched info sheet?

[steve]

Does anyone know if there is a way to file the rest of your return electronically, and then send 8621 by postal mail since TurboTax and HRBlock-at-home do not support that form? [Yes, I know TaxAct supports it, but I have been using HRBlock for years and do not care to switch]

Does TaxAct support the attched info sheet?

Taxact does support the attached info
Taxact does support the form but they have a small problem that I pointed out to them and they are working on fixing it. The problem is the box to put in the new reference number only support 10 digits and no letters. It is supposed to support alphanumeric up to 50 character.

Dear TaxACT® Customer:
The Developer has gotten back to me and this issue will be fixed in the next update to the program.  Your option is to paper file at this time or wait for the next update to the program.  I do not have a definitive date for that update, however I will email you again as soon as I know when that will happen.

I do apologize for the inconvenience this has caused you.

Thank you for using TaxACT.  Please let us know if you have any further questions.


TaxACT TaxPayer Support Services

[steve]

Amazingly, I can't find any info online to help fill out this form.  I have some very basic questions, as this is my first time filling it out. I bought shares of the Central GoldTrust (GTU) for the first time in 2012.

1. Above Part 1, it asks you to enter a Reference ID number. Reading the instructions, it seems like I can simply make up a number to refer to this PFIC. Is that correct? Can I just choose something like "1"?

2. Line 1 says "Description of each class of shares held by the shareholder". What does this mean exactly? Is it just "Central GoldTrust"? I'm not sure if there are different classes of shares.

3. Since I want to elect to treat this as a QEF, do I check box b in line 5? There aren't any excess distributions or gains, so I entered 0 next to it.

4. To complete the rest of the form, I check box A in Part II, and entered 0 in lines 6a - 7c. Is this correct? I've also attached the PFIC statement provided by GTU.

Thanks for your help.

Part  1 is for future reference
The type of shares are ordinary shares
I would also include an attachment stating :
Additional Information Required
A shareholder of a PFIC must attach certain information to Form 8621. This information includes:
• The number of shares in each class of stock owned by the shareholder at the beginning of its tax
year;
• Any changes in the number of shares in each class of stock during its tax year and the dates of
such changes; and
• The number of shares in each class of stock at the end of its tax year.

[dragoncar]

Awesome, thanks steve!  I'm OK with 10 digits I guess... can't think of a reason I'd need more, or characters.

[steve]

I just uploaded new samples using the new 2012  form 8621
Please note: I am not an accountant or tax professional so hope I am right, or consult your own tax professional


https://docs.google.com/file/d/0B8hEwPF ... sp=sharing


https://docs.google.com/document/d/1g9V ... sp=sharing

[steve]

Taxact just released an update and fixed the problem on form 8621 that was mentioned. You should be able to e file without a problem.

[Greg]

So it's looking like Turbotax doesn't support e-filing of this? Like MangoMan I've used Turbotax for years and like it.

[steve]

So it's looking like Turbotax doesn't support e-filing of this? Like MangoMan I've used Turbotax for years and like it.

One year I did my taxes with turbotax, taxcut, taxact just to compare. Putting in the same information I got the same results and all are very similar, my preference is taxact and I have been using it for years. I like the taxact deluxe version because it imports all the information from previous year and I can do multiple returns with it. As a repeat customer it is less then $10 and well worth it. The free version is also great but you have to enter everything from scratch.

[AgAuMoney]

my preference is taxact and I have been using it for years. I like the taxact deluxe version because it imports all the information from previous year and I can do multiple returns with it. As a repeat customer it is less then $10 and well worth it.

It usually costs me $14.  Maybe you don't have state income tax?

[steve]

my preference is taxact and I have been using it for years. I like the taxact deluxe version because it imports all the information from previous year and I can do multiple returns with it. As a repeat customer it is less then $10 and well worth it.

It usually costs me $14.  Maybe you don't have state income tax?

You are correct. I live in Florida, no state income tax here.