PFIC and IRS Form 8621

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david567
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Joined: Tue Jun 23, 2020 11:47 pm

PFIC and IRS Form 8621

Post by david567 » Wed Jun 24, 2020 8:25 am

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

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