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Form 8621 Update: QEF Calculation Module (v17.03.01)


Expat Tax Tools is pleased to announce the release of our newest calculation module for completing the Form 8621 for Qualified Electing Funds (QEF).

The new QEF module includes both the pedigreed and un-pedigreed calculations, deemed sale elections, and prior year adjustments (when needed).

Also included in this release the following exciting new features:

  • Hiding or Showing PFIC investments that are sold in the form view screen;
  • Ability to enter per-share transaction amounts;
  • Ability to add notes to transactions and making an election whether the note appears on the PDF statement or not.

Additional changes:

  • Removed the alternate data entry option;
  • Removed the pop-up notification when the current transaction is over or under the set threshold amount.
The Trouble with QEF Reporting


Wolters Kluwer

Mary Beth Lougen examines the issues surrounding the sale of a fiscal year qualified electing fund (QEF) by passive foreign investment companies (PFICs).

Practitioners that work with clients who have international connections often have to run the gauntlet of Code Secs. 1291–1298, the portion of the statute that covers passive foreign investment companies or PFICs. As someone who frequents the PFIC regulations, I am always in awe of this section of the Internal Revenue Code (“the Code”). The men and women who took the directive provided by Congress in the Tax Reform Act of 1986 and put to paper how we are to treat passive foreign investment companies on a U.S. tax return were geniuses. They have woven an intricate and complex web of “if this, then that” rules that speak to many other sections of the Code—if the PFIC is also a CFC, then … , if the shareholder becomes a U.S. person after already owning an investment that became a PFIC the minute they crossed into U.S. personhood, then … , if the investment was owned prior to 1987 when the regulations came into play, then … . But there is one place where the interaction between the PFIC rules and the rest of the regulations is not in sync, this is the case when there is a sale of a fiscal year qualified electing fund (QEF) during the period between the end of the fiscal reporting year and the taxpayer’s calendar year end.

It is widely thought that QEF election is the best solution to a bad problem— but I am going to have to disagree, or at least disagree when the PFIC reports on a fiscal year.

Form 8621 Calculator Update v17.02.01

OVDP Calculation Update:

  • Finalized OVDP calculations including CCH Tax Software entries
Form 8621 Calculator Update v17.01.02


  • Manual & Automated update so the calculator can correspond with our new form8621.com domain
Form 8621 Calculator Update v17.01.01

2017 Update:

  • 2016 IRS interest and tax rates,
  • 2016 exchange rates,
  • 2016 forms and calculations,
  • Read-only module.
CalCPA: Understanding Form 8621


Attending CalCPA‘s conference this week?

Come listen to our own Beth Lougen tomorrow at her workshop: Understanding Form 8621 in Room A at 3:05 pm. Or drop by the Expat Tax Tools booth for a free demo.

Mary Beth Lougen of Expat Tax Tools to speak at USD School of Law – PITI Conference

School of Law - University of San Diego

Press Release

Mary Beth Lougen of Expat Tax Tools to speak at USD School of Law – PITI Conference

SAN DIEGO, October 5, 2016 /PRNewswire/ — Expat Tax Tools is proud to announce that COO Mary Beth Lougen has been asked to speak at the The University of San Diego School of Law – Procopio International Tax Institute international tax conference, held on October 20-21 at the Joan B. Kroc Institute for Peace and Justice in San Diego. Mary Beth states that this is a very prestigious event and she is honored to be asked to be a part. Mary Beth’s topic for discussion is “Taxation Dilemmas of International Retirement Plans”.

Form 8621 Calculator Update v16.03.01

update-noteNew Feature

  • Ability to key in transactions using the USD amounts when the statements are in US currency instead of the original functional currency of the investment and/or account.
Form 8621 Calculator Update v16.03.00

New in this update

  • New user interface to match the cloud version of the calculator
  • Enhanced PDF generation (documents are no longer saved on the server, but generated as needed)
  • Statistics: Total Number of forms and funds, total FMV in client portfolio.
  • 2005 forms and calculation
Webinar Recording: How to Calculate Form 8621 Line 15?

Missed our free Form 8621 webinar?

Watch the recording from June 2, 2016.

Handouts and Examples