| Posted: 24 Mar 2012 at 21:02 | IP Logged
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I am in the 15% tax bracket since my total US
income is 34K/year. I am a resident alien for tax purposes but an overseas national
working in US.
1. I am not a shareholder in
the overseas mutual funds(classified
as Passive Foreign Investment Company or PFIC) as I own less than
0.00001% in those foreign mutual funds whereas a shareholder according to Internal
Revenue Code is someone who has 10% stake. So, do I need form 8621? Or, can I report the dividends as dividends from US mutual funds in 1040? The dividends are around 1K for 2011
2. If I have to use 8621, I
need to go for the Mark to Method in it which is the easiest. But, to show the PFIC value at end of year, what
documentation is needed? Would screenshots from websites which show the
PFIC value at end of the year suffice as evidence that a PFIC investment
value was N$/unit during end of year? If not, what else does IRS accept
as evidence of PFIC value?
I would appreciate any suggestions.
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Topic: filing tax returns for dividends from for
Topic Closed)
