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form 8621 , holding GTU in taxable account
Posted: Tue Feb 19, 2013 4:36 pm
by steve
Form 8621 has been updated for 2012 , it is almost the same but the revised instructions 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.”?
Re: form 8621 , holding GTU in taxable account
Posted: Tue Feb 19, 2013 8:14 pm
by dragoncar
Cool, I was hoping this thread would come up again for 2012. Do you know of any summaries out there that say exactly what I have to do? I purchased GTU in 2012, so I believe I need to file two forms: one to make an election, and one to report the foreign assets?
Re: form 8621 , holding GTU in taxable account
Posted: Wed Feb 20, 2013 7:42 am
by steve
dragoncar wrote:
Cool, I was hoping this thread would come up again for 2012. Do you know of any summaries out there that say exactly what I have to do? I purchased GTU in 2012, so I believe I need to file two forms: one to make an election, and one to report the foreign assets?
As far as I know if you hold GTU in a US brokerage account like Vanguard etc. you do not have to do separate foreign asset filing.
I think all you need is form 8621 making the election and add attachment with
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
Note that I am not a tax specialist or accountant, this is how I do it and hope that I am correct.
Re: form 8621 , holding GTU in taxable account
Posted: Fri May 17, 2013 9:23 am
by Greg
If you don't fill out the 8621 form for the tax year, are you allowed to have a tax loss of your ordinary tax rate instead? (i.e. if I have $500 in taxable loss, I don't fill out the paperwork so I can take 25% of that off of my taxable income versus only 15% for capital gains which is what happens when you fill out the form)?