Hello,
I have a Canadian mutual fund that I opened in 2018 and for which I must do an IRS Form 8621.
Last year I chose the QEF (Section 1293) election for this fund on Form 8621.
This year I received an Annual Information Statement showing three income amounts:
1. Ordinary Earnings
2. Net Capital Gain
3. Cash/Property Distributions
I was wondering how I should report the Cash/Property Distributions on Form 8621. Is this what they call an "excess distribution"?
Would I add the Ordinary Earnings and Cash/Property Distributions together and report them as ordinary earnings on Part III Line 6a?
Thanks
PFIC and IRS Form 8621
Moderator: Mark T Serbinski CA CPA