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Why you need the Form 8621 Calculator in addition to your Tax Preparation Software?

What your current Tax Software doesn’t do…

None of the tax preparation software packages have full Form 8621 functionality.
Most are limited to calculating the additional interest and taxes for 1291 funds, and transfer the income to the tax return based on the entries made in the tax software.

You still must do the base calculations to know what to enter into your software, and you still must maintain:

  • Separate calculations of basis,
  • Unreversed income inclusions,
  • Line 15b adjusted annual distributions
  • Other pieces of the PFIC regime.

Your Tax Software does not calculate…

  • The special OVDP alternate mark to market taxation,
  • Apply the becoming a US person rules,
  • Allowable foreign tax credits
  • Expatriation dispositions.
Form 8621 Calculator does all of this!

Here is why you need to use the Form 8621 Calculator

We track all the moving pieces that your tax software does not…

  • Cost basis per share,
  • Unreversed inclusions per share,
  • Holding period,
  • Adjusted annual distribution amounts,
  • Pre & Post PFIC income inclusions
  • Character of income
  • Calculates and re-allocates the excess distribution amount
  • Automatically purges the taint when an election is made
  • And more that we haven’t listed
  • We also apply currency conversions for 150+ foreign currencies using the daily rate for each transaction.
  • We provide calculation details for your files.
  • We tell you where all the numbers go on the tax return as a crosscheck
  • We provide all statements required by the IRS to support the calculated amounts on Form 8621 which can be attached as a PDF to most tax software programs.

You can say goodbye to your spreadsheets.

If your software is Prosystem fx, Global fx, or Axcess Tax our calculator also provides you with…

  • a completed form 8621 return and statements,
  • importable excel sheets where they are allowed,
  • the entries needed by your software based on the PFIC’s transaction history.