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2015 Form 8621

2015 Form 8621 Changes

There was only one change to the 2015 Form 8621 that helps reduce duplicative reporting.

A new checkbox has been added to page 1 of the 2015 Form 8621 for taxpayers who also are required to file the Form 8938, Statement of Specified Foreign Financial Assets , and who satisfy their Form 8938 reporting obligations by filing Form 8621 and completing Part IV, Excepted Specified Foreign Financial Assets, of Form 8938.

By selecting this checkbox and reporting your PFIC on the 2015 Form 8621, you do not need to include these PFIC’s on your 2015 Form 8938. However, on the Form 8938, you must identify how many of these forms (along with other information forms such as the Form 5471) you file in Part IV, Excepted Specified Foreign Financial Assets.

It’s important to note that you must include the value of all specified foreign financial assets, even if they are reported on another form listed in Part IV, such as the 2015 Form 8621, to determine if you satisfy the reporting requirement that applies to you for the Form 8938.

Click here to learn more about PFIC taxation.

In addition, click here to learn more about the Form 8621.

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Tax Samaritan is a team of Enrolled Agents with over 25 years of experience focusing on US tax preparation and representation. We maintain this tax blog where all articles are written by Enrolled Agents. Our main objective is to educate US taxpayers on their tax responsibilities and the selection of a tax professional. Our articles are also designed to help taxpayers looking to self prepare, providing specific tips and pitfalls to avoid.

When looking for a tax professional, choose carefully.  We recommend that you hire a credentialed tax professional such as Tax Samaritan that is an Enrolled Agent (America’s Tax Experts). If you are a US taxpayer overseas, we further recommend that you seek a professional who is experienced in expat tax preparation, like Tax Samaritan (most tax professionals have limited to no experience with the unique tax issues of expat taxpayers).

Randall Brody is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.

Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.


Published by Randall Brody
Updated: June 20, 2016

About Randall Brody

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