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Brookfield Infrastructure Partners L.P. Message Board

  • kempstom kempstom Mar 29, 2012 9:11 AM Flag

    Form 8621

    Hi, For those doing own taxes, how are you handling Form 8621? From what I learned so far, it's very important to file an 8621 for each PFIC listed on your K-1, especially for getting stepped-up cost basis at death. Three of my listed PFIC's had ordinary earnings listed; besides entering this on the 8621, do we also enter it on Schedule "B"? Sincere thanks

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    • This is the first time I have run into this complication on a Partnership tax filing. I just bought Brookfield near the end of the year and only have one dollar listed for one foreign country, but I would sure be interested in reading what some of you long-time holders have to say about the 8621 form.

      • 1 Reply to genetuck
      • Just finished my Federal 1040. To cover my butt, I completed an 8621 for each PFIC listed in the K-1 tax package, even though only 3 of the 12 had earnings. This information will be in the PFIC Annual Information Statement included in tax package(read bottom of this statement for important info!). The instructions for 8621 on page 7 will then direct you to enter the total amount of the PFIC earnings on Line 21 of Federal 1040("other income"). Hope this helps.

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