8938 instead of 8621 for canadian etf?

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lanman2000
Posts: 137
Joined: Wed Jul 29, 2009 8:30 am

8938 instead of 8621 for canadian etf?

Post by lanman2000 »

So I've read that once you hit a certain threshold then form 8938 is required. Also read that once it's required you can use it to declare the existence of a PFIC. Couple obvious questions immediately come to mind for my situation where I have a canadian ETF in an unregistered account.

1) Does this mean if i declare the account on 8938 i should no longer file 8621??
2) If or if not 1) is a "yes" should i be declaring the capgains / dividends in the normal income sections of the US tax return IN ADDITION to on 8621? or ONLY on 8621
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: 8938 instead of 8621 for canadian etf?

Post by nelsona »

I believe it is the other way 'round: If you are required to report report PFICs on 8621, you then do not have to report them on 8938.
Any cap gains need to be reported on 1040 whether or not you are required to file 8621, ie. transferring the gains determined on 8621 to your 1040.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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