Form 8621 PFIC Reporting: Navigating the Complex IRS Passive Foreign Investment Company Rules FOR LIVE PROGRAM ONLY THURSDAY, JANUARY 18, 2018, 1:00-2:50 pm Eastern IMPORTANT INFORMATION FOR THE LIVE PROGRAM This program is approved for 2 CPE credit hours. To earn credit you must: Participate in the program on your own computer connection (no sharing) if you need to register additional people, please call customer service at 1-800-26-726 ext.1 (or 404-881-41 ext. 1). Strafford accepts American Express, Visa, MasterCard, Discover. Listen on-line via your computer speakers. Respond to five prompts during the program plus a single verification code. To earn full credit, you must remain connected for the entire program. WHO TO CONTACT DURING THE LIVE EVENT For Additional Registrations: -Call Strafford Customer Service 1-800-26-726 x1 (or 404-881-41 x1) For Assistance During the Live Program: -On the we, use the chat ox at the ottom left of the screen If you get disconnected during the program, you can simply log in using your original instructions and PIN.
PFIC Date holding period egan 01/01/2013 applicale date 01/01/2013 Europe Index Mutual Fund /31/2016 Date holding period ended 1. 2. 3. 4. 5. 6. 7. Total current year distriution from Form 8621, line 15a Distriution amount Apportionment ratio (divide line 2 y line 1) Excess distriution from Form 8621, lines 15e and 15f Excess distriution apportioned to this distriution (multiply line 3 y line 4) Numer of days in holding period Amount of excess distriution allocated to each day in the holding period (divide line 5 y line 6) Form 8621 Increase in Tax and Interest Calculations 20,000.00 20,000.00 1.0000000 7,500.00 7,500.00 1461 5.1334702 8. Foreign tax credit. Gain on disposition of Section 1 stock from Form 8621, line 15f 10. Ratio of excess distriutions to total current year distriutions (divide line 5 y net of line 1 plus line ). Foreign tax credit allocated to excess distriutions (multiply line 8 y line 10). Foreign tax credit allocated to each day in the holding period (divide line y line 6) Interest charged in tax year from column A Additional Tax and Interest Calculation L A B C D E F G H I J Tax Highest Marginal Year Tax Rate Days in Tax Year Excess Distriution Allocated to Each Day (from line 7) Excess Distriution Allocated to Each Year (multiply column B y column C) Increase in Tax (multiply column D y column E) Foreign Tax Credit Allocated to Each Day (from line ) Foreign Tax Credit Allocated to Each Year (multiply column B y column G) Additional Tax (sutract column H from column F) Interest on Increase in Tax 2013 365 5.1334702 1,874.00.36000000 742.00 742.00 16.03 2014 365 5.1334702 1,874.00.36000000 742.00 742.00 3.05 2015 365 5.1334702 1,874.00.36000000 742.00 742.00 80.04 * 2016 27.06 ** 2016 366 5.1334702 1,87.00 6303 04-01-16 * Interest on Prior Year(s) Additional Tax ** Excess Distriution Allocated to Current Tax Year or Pre-PFIC Year
Form () 1040 U.S. Individual Income Tax Return 2016 OMB No. 1545-0074 Attach Form(s) W-2 here. Also attach Forms W-2G and 10-R if tax was withheld. 610001-30-16 1 2 3 IRS Use Only - Do not write or staple in this space. For the year Jan. 1-Dec. 31, 2016, or other tax year eginning, 2016, ending, 20 See separate instructions. Your first name and initial Last name Your social security numer John Smith Applied For If a joint return, spouse s first name and initial Spouse s social security numer and full name here. 5 Qualifying widow(er) with dependent child Boxes checked 6a Yourself. If someone can claim you as a dependent, do not check ox 6a ~~~~~~~~~~~~~~~~ on 6a and 6 Spouse No. of children (4) if child on 6c who: (2) Dependent s social (3) Dependent s u c Dependents: relationship to under age 17 lived with you security numer (1) First name Last name qualifying for child you did not live with tax credit pmob you due to divorce or separation (see instructions) d 7 Wages, salaries, tips, etc. Attach Form(s) W-2 ~~~~~~~~~~~~~~~~~~~~~~~~~~ 7 8a a 10 13 14 15a 16a 17 18 1 Taxale interest. Attach Schedule B if required ~~~~~~~~~~~~~~~~~~~~~~~~~~ Tax-exempt interest. Do not include on line 8a ~~~~~~~~~~~ 8 Educator expenses ~~~~~~~~~~~~~~~~~~~~~~~ Certain usiness expenses of reservists, performing artists, and fee-asis government officials. Attach Form 2106 or 2106-EZ ~~~~~~~~~~~~~~~~~ 4 8a a 10 13 14 15 16 17 18 1 Dependents on 6c not entered aove Add numers on lines aove 20a Social security enefits ~~~~ 20a Taxale amount ~~~~~~ 20 21 Other income. List type and amount See Statement 1 21 1,87. 22 Comine the amounts in the far right column for lines 7 through 21. This is your total income 22 14,37. 23 24 25 26 27 28 2 30 31a 32 33 34 35 36 37 Last name Home address (numer and street). If you have a P.O. ox, see instructions. 1060 West Addison St. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces elow. Apt. no. Make sure the SSN(s) aove and on line 6c are correct. Presidential Election Campaign Chicago, IL 0210 Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a ox elow Foreign country name Foreign province/state/county Foreign postal code will not change your tax or refund. Filing Status Check only one ox. Exemptions If more than four dependents, see instructions and check here Income If you did not get a W-2, see instructions. Adjusted Gross Income LHA X Single Married filing jointly (even if only one had income) Married filing separately. Enter spouse s SSN aove Alimony paid Recipient s SSN Sutract line 36 from line 22. This is your adjusted gross income For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 23 24 25 26 27 28 2 30 31a 32 33 34 35 You Spouse Head of household (with qualifying person). If the qualifying person is a child ut not your dependent, enter this child s name here. Total numer of exemptions claimed Ordinary dividends. Attach Schedule B if required ~~~~~~~~~~~~~~~~~~~~~~~~~ Qualified dividends ~~~~~~~~~~~~~~~~~~~~~~~ Taxale refunds, credits, or offsets of state and local income taxes~~~~~~~~~~~~~~~~~~ Alimony received ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Business income or (loss). Attach Schedule C or C-EZ ~~~~~~~~~~~~~~~~~~~~~~~ Capital gain or (loss). Attach Schedule D if required. If not required, check here ~~~~~~~ Other gains or (losses). Attach Form 477 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ IRA distriutions ~~~~~~~ 15a Taxale amount ~~~~~~ Pensions and annuities ~~~~ 16a Taxale amount ~~~~~~ Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F ~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Unemployment compensation ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Health savings account deduction. Attach Form 888 ~~~~~~~~ Moving expenses. Attach Form 303 ~~~~~~~~~~~~~~~ Deductile part of self-employment tax. Attach Schedule SE~~~~~~ Self-employed SEP, SIMPLE, and qualified plans ~~~~~~~~~~ Self-employed health insurance deduction ~~~~~~~~~~~~~ Penalty on early withdrawal of savings ~~~~~~~~~~~~~~~ IRA deduction Student loan interest deduction!! ~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~ Tuition and fees. Attach Form 817 ~~~~~~~~~~~~~~~~ Domestic production activities deduction. Attach Form 803 ~~~~~ Add lines 23 through 35 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 36 37 ; " " " " X 1 1,500. 14,37. Form 1040 (2016)
Form 1040 (2016) Tax and Credits 3a Check You were orn efore January 2, 152, Blind. Total oxes Standard Deduction for - if: Spouse was orn efore January 2, 152, Blind. checked ~ 3a People who If your spouse itemizes on a separate return or you were a dual-status alien, check here ~~ 3 check any ox on line 3a or 40 Itemized deductions (from Schedule A) or your standard deduction (see left margin) ~~~~~~~~~~~ 40 3 orwho can e claimed as a 41 Sutract line 40 from line 38 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 41 dependent, see instructions. 42 Exemptions. If line 38 is $155,650 or less, multiply $4,050 y the numer on line 6d. Otherwise, see inst. ~~ 42 45 Alternative minimum tax. Attach Form 6251 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ All others: Single or 46 Excess advance premium tax credit repayment. Attach Form 862 ~~~~~~~~~~~~~~~~~~~~ Married filing 47 Add lines 44, 45, and 46 separately, $6,300 48 Foreign tax credit. Attach Form 16 if required ~~~~~~~~~~~~~ 48 Married filing jointly or Qualifying widow(er), $,600 Head of household, $,300 Other Taxes If you have a qualifying child, attach Schedule EIC. Direct deposit? See instructions. Joint return? See instructions. Keep a copy for your records. 610002-30-16 38 Amount from line 37 (adjusted gross income) 38 43 44 4 50 51 52 53 54 55 56 57 58 5 Residential energy credits. Attach Form 565 ~~~~~~~~~~~~~~ Other credits from Form: a 3800 8801 c Add lines 48 through 54. These are your total credits~~~~~~~~~~~~~~~~~~~~~~~~~~ 55 Unreported social security and Medicare tax from Form: a 66a Earned income credit (EIC) 67 68 6 70 71 72 73 74 Nontaxale comat pay election ~~~~~ Credits from Form: a 243 Reservedc 8885 d 73 Add lines 64, 65, 66a, and 67 through 73. These are your total payments 74 75 If line 74 is more than line 63, sutract line 63 from line 74. This is the amount you overpaid~~~~~~~~~ 76a Amount of line 75 you want refunded to you. If Form 8888 is attached, check here Routing Account numer c Type: Checking Savings d numer 77 Amount of line 75 you want applied to your 2017 estimated tax 77 78 7 Credit for child and dependent care expenses. Attach Form 2441 ~~~~~~ Education credits from Form 8863, line 1 ~~~~~~~~~~~~~~~ Retirement savings contriutions credit. Attach Form 8880 ~~~~~~~~ Child tax credit. Attach Schedule 88, if required ~~~~~~~~~~~~ Sutract line 55 from line 47. If line 55 is more than line 47, enter -0- Self-employment tax. Attach Schedule SE ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Do you want to allow another person to discuss this return with the IRS (see instructions)? Yes. Complete elow. No Designee s Phone Personal identification name no. numer (PIN) Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the est of my knowledge and elief, they are true, correct, and accurately list all amounts and sources of income I received during the tax year. Declaration of preparer (other than taxpayer) is ased on all information of which preparer has any knowledge. Your signature Date Your occupation Daytime phone numer Spouse s signature. If a joint return, oth must sign. Date Spouse s occupation If the IRS sent you an Identity Protection PIN, enter it here Print/Type preparer s name Preparer s signature Date Check self-employed Firm s name Firm s EIN " Phone no. Firm s address 66 4 50 51 52 53 54 4137 81 ~~~~~~~~~~~ Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 532 if required ~~~~~~~~~~ 60a Household employment taxes from Schedule H ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ First-time homeuyer credit repayment. Attach Form 5405 if required ~~~~~~~~~~~~~~~~~~~ 60 61 Health care: Individual responsiility (see instructions) Full-year coverage X ~~~~~~~~~~~ 61 62 Taxes from: a Form 85 Form 860 c X Inst.; enter code(s) Statement 2 62 162. 63 Add lines 56 through 62. This is your total tax 63 2,71. Payments 64 Federal income tax withheld from Forms W-2 and 10 ~~~~~~~~~~ 64 65 2016 estimated tax payments and amount applied from 2015 return ~~~~ 65 Refund Amount You Owe Third Party Designee Sign Here Paid Preparer Use Only = John Smith rqs Additional child tax credit. Attach Schedule 88 ~~~~~~~~~~~~ American opportunity credit from Form 8863, line 8 ~~~~~~~~~~~ Net premium tax credit. Attach Form 862 ~~~~~~~~~~~~~~~ Amount paid with request for extension to file ~~~~~~~~~~~~~~ Excess social security and tier 1 RRTA tax withheld ~~~~~~~~~~~ Credit for federal tax on fuels. Attach Form 4136 ~~~~~~~~~~~~~ Amount you owe. Sutract line 74 from line 63. For details on how to pay, see instructions ~~~~~~~ 78 Estimated tax penalty (see instructions) 66a 67 68 6 70 71 72 7 Applied For pmo if 45 46 47 56 57 58 5 60a 75 76a PTIN Page 2 14,37. 6,300. 8,07. 4,050. Taxale income. Sutract line 42 from line 41. If line 42 is more than line 41, enter -0- ~~~~~~~~~~~ 43 4,02. Tax. Check if any from: a Form(s) 8814 Form 472 c X 1 TAX ~~~~~ 44 2,62. 2,62. 2,62. 2,71.
Form 8621 (Rev. Decemer 2016) Department of the Treasury Internal Revenue Service Name of shareholder Information Return y a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund Information aout Form 8621 and its separate instructions is at www.irs.gov/form8621. Identifying numer (see instructions) OMB No. 1545-1002 Attachment Sequence No. 6 John Smith Numer, street, and room or suite no. (If a P.O. ox, see instructions.) 1060 West Addison St. Applied For Shareholder tax year: calendar year 2016 or other tax year eginning, and ending,. City or town, state, and ZIP code or country Chicago, IL 0210 Check type of shareholder filing the return: X Individual Corporation Partnership S Corporation Nongrantor Trust Estate Check if any Excepted Specified Foreign Financial Assets are Reported on this Form (see instructions) X Name of passive foreign investment company (PFIC) or qualified electing fund (QEF) Employer identification numer (if any) Europe Index Mutual Fund Address (Enter numer, street, city or town, and country.) 221B Baker Street London 00000 United Kingdom Part I Summary of Annual Information (See instructions.) Provide the following information with respect to all shares of the PFIC held y the shareholder: 1 Description of each class of shares held y the shareholder: B 2 Check if shares jointly owned with spouse. Date shares acquired during the taxale year, if applicale: Reference ID numer (see instructions) Euroindex Tax year of PFIC or QEF: calendar year 2016 tax year eginning, and ending,. or other 3 Numer of shares held at the end of the taxale year: 500. 4 Value of shares held at the end of the taxale year (check the appropriate ox, if applicale): (a) (e) $0-50,000 () $50,001-100,000 (c) $100,001-150,000 (d) $150,001-200,000 If more than $200,000, list value: 500,000. 5 Type of PFIC and amount of any excess distriution or gain treated as an excess distriution under section 1, inclusion under section 3, or inclusion or deduction under section 6: (a) X Section 1 $ 7,500. () Section 3 (Qualified Electing Fund) $ (c) Section 6 (Mark to Market) $ Part II Elections (See instructions.) A Election To Treat the PFIC as a QEF. I, a shareholder of a PFIC, elect to treat the PFIC as a QEF. Complete lines 6a through 7c of Part III. B Election To Extend Time For Payment of Tax. I, a shareholder of a QEF, elect to extend the time for payment of tax on the undistriuted earnings and profits of the QEF until this election is terminated. Complete lines 8a through c of Part III to calculate the tax that may e deferred. Note: If any portion of line 6a or line 7a of Part III is includile under section 51, you may not make this election. Also, see sections 4(c) and 4(f) and the related regulations for events that terminate this election. C D E F G H Election To Mark-to-Market PFIC Stock. I, a shareholder of a PFIC, elect to mark-to-market the PFIC stock that is marketale within the meaning of section 6(e). Complete Part IV. Deemed Sale Election. I, a shareholder on the first day of a PFIC s first tax year as a QEF, elect to recognize gain on the deemed sale of my interest in the PFIC. Enter gain or loss on line 15f of Part V. Deemed Dividend Election. I, a shareholder on the first day of a PFIC s first tax year as a QEF that is a controlled foreign corporation (CFC), elect to treat an amount equal to my share of the post-186 earnings and profits of the CFC as an excess distriution. Enter this amount on line 15e of Part V. If the excess distriution is greater than zero, also complete line 16 of Part V. Election To Recognize Gain on Deemed Sale of PFIC. I, a shareholder of a former PFIC or a PFIC to which section 7(d) applies, elect to treat as an excess distriution the gain recognized on the deemed sale of my interest in the PFIC on the last day of its last tax year as a PFIC under section 7(a). Enter gain on line 15f of Part V. Deemed Dividend Election With Respect to a Section 7(e) PFIC. I, a shareholder of a section 7(e) PFIC, within the meaning of Regulations section 1.7-3(a), elect to make a deemed dividend election with respect to the Section 7(e) PFIC. My holding period in the stock of the Section 7(e) PFIC includes the CFC qualification date, as defined in Regulations section 1.7-3(d). Enter the excess distriution on line 15e, Part V. If the excess distriution is greater than zero, also complete line 16, Part V. Deemed Dividend Election With Respect to a Former PFIC. I, a shareholder of a former PFIC, within the meaning of Regulations section 1.8-3(a), elect to make a deemed dividend election with respect to the former PFIC. My holding period in the stock of the former PFIC includes the termination date, as defined in Regulations section 1.8-3(d). Enter the excess distriution on line 15e, Part V. If the excess distriution is greater than zero, also complete line 16, Part V. 66-30-16 LHA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Form 8621 (Rev. -2016) 14 03010 74837 PFIC 2016.05020 Smith, John PFIC1
Form 8621 (Rev. -2016) Part V Distriutions From and Dispositions of Stock of a Section 1 Fund(See instructions.) Complete a separate Part V for each excess distriution and disposition (see instructions). 15 a Enter your total distriutions from the section 1 fund during the current tax year with respect to the applicale stock. If the holding period of the stock egan in the current tax year, see instructions ~~~~~~~~~~~~~~~~~~~~~~~ Enter the total distriutions (reduced y the portions of such distriutions that were excess distriutions ut not included in income under section 1(a)(1)(B)) made y the fund with respect to the applicale stock for each of the 3 years preceding the current tax year (or if shorter, the portion of the shareholder s holding period efore the current tax year) ~~~ c Divide line 15 y 3. (See instructions if the numer of preceding tax years is less than 3.) ~~~~~~~~~~~~~~~ d Multiply line 15c y 5% (1.25) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ e Sutract line 15d from line 15a. This amount, if more than zero, is the excess distriution with respect to the applicale stock. f If there is an excess distriution, complete line 16. If zero or less and you did not dispose of stock during the tax year, do not complete the rest of Part V. See instructions if you received more than one distriution during the current tax year. Also, see instructions for rules for reporting a nonexcess distriution on your income tax return ~~~~~~~~~~~~~~~ Enter gain or loss from the disposition of stock of a section 1 fund or former section 1 fund. If a gain, complete line 16. If a loss, show it in rackets and do not complete line 16 ~~~~~~~~~~~~~~~~~~~~~~ 16 a If there is a positive amount on line 15e or 15f (or oth), attach a statement for each excess distriution and disposition. Show your holding period for each share of stock or lock of shares held. Allocate the excess distriution or gain to each day in your holding period. Add all amounts that are allocated to days in each tax year. Enter the total of the amounts determined in line 16a that are allocale to the current tax year and tax years efore the foreign corporation ecame a PFIC (pre-pfic years). Enter these amounts on your income tax return as other income ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ c Enter the aggregate increases in tax (efore credits) for each tax year in your holding period (other than the current tax year and pre-pfic years). (See instructions.) ~~~~~~~~~~~~~~~~~~~~~~~~ d Foreign tax credit. (See instructions.) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ e Sutract line 16d from line 16c. Enter this amount on your income tax return as "additional tax." (See instructions.) ~~~~~ f Determine interest on each net increase in tax determined on line 16e using the rates and methods of section 6621. Enter the aggregate amount of interest here. (See instructions.) 15a 15 15c 15d 15e 15f 16 16c 16d 16e 16f Page 3 20,000. 30,000. 10,000.,500. 7,500. 1,87. 2,226. 2,226. 162. Form 8621 (Rev. -2016) 6613-30-16 16 03010 74837 PFIC 2016.05020 Smith, John PFIC1
Form () 1040 U.S. Individual Income Tax Return 2016 OMB No. 1545-0074 Attach Form(s) W-2 here. Also attach Forms W-2G and 10-R if tax was withheld. 610001-30-16 1 2 3 IRS Use Only - Do not write or staple in this space. For the year Jan. 1-Dec. 31, 2016, or other tax year eginning, 2016, ending, 20 See separate instructions. Your first name and initial Last name Your social security numer John Smith Applied For If a joint return, spouse s first name and initial Spouse s social security numer and full name here. 5 Qualifying widow(er) with dependent child Boxes checked 6a Yourself. If someone can claim you as a dependent, do not check ox 6a ~~~~~~~~~~~~~~~~ on 6a and 6 Spouse No. of children (4) if child on 6c who: (2) Dependent s social (3) Dependent s u c Dependents: relationship to under age 17 lived with you security numer (1) First name Last name qualifying for child you did not live with tax credit pmob you due to divorce or separation (see instructions) d 7 Wages, salaries, tips, etc. Attach Form(s) W-2 ~~~~~~~~~~~~~~~~~~~~~~~~~~ 7 8a a 10 13 14 15a 16a 17 18 1 Taxale interest. Attach Schedule B if required ~~~~~~~~~~~~~~~~~~~~~~~~~~ Tax-exempt interest. Do not include on line 8a ~~~~~~~~~~~ 8 Educator expenses ~~~~~~~~~~~~~~~~~~~~~~~ Certain usiness expenses of reservists, performing artists, and fee-asis government officials. Attach Form 2106 or 2106-EZ ~~~~~~~~~~~~~~~~~ 4 8a a 10 13 14 15 16 17 18 1 Dependents on 6c not entered aove Add numers on lines aove 20a Social security enefits ~~~~ 20a Taxale amount ~~~~~~ 20 21 Other income. List type and amount See Statement 1 21 10,000. 22 Comine the amounts in the far right column for lines 7 through 21. This is your total income 22 30,000. 23 24 25 26 27 28 2 30 31a 32 33 34 35 36 37 Last name Home address (numer and street). If you have a P.O. ox, see instructions. 1060 West Addison St. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces elow. Apt. no. Make sure the SSN(s) aove and on line 6c are correct. Presidential Election Campaign Chicago, IL 0210 Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a ox elow Foreign country name Foreign province/state/county Foreign postal code will not change your tax or refund. Filing Status Check only one ox. Exemptions If more than four dependents, see instructions and check here Income If you did not get a W-2, see instructions. Adjusted Gross Income LHA X Single Married filing jointly (even if only one had income) Married filing separately. Enter spouse s SSN aove Alimony paid Recipient s SSN Sutract line 36 from line 22. This is your adjusted gross income For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 23 24 25 26 27 28 2 30 31a 32 33 34 35 You Spouse Head of household (with qualifying person). If the qualifying person is a child ut not your dependent, enter this child s name here. Total numer of exemptions claimed Ordinary dividends. Attach Schedule B if required ~~~~~~~~~~~~~~~~~~~~~~~~~ Qualified dividends ~~~~~~~~~~~~~~~~~~~~~~~ Taxale refunds, credits, or offsets of state and local income taxes~~~~~~~~~~~~~~~~~~ Alimony received ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Business income or (loss). Attach Schedule C or C-EZ ~~~~~~~~~~~~~~~~~~~~~~~ Capital gain or (loss). Attach Schedule D if required. If not required, check here ~~~~~~~ Other gains or (losses). Attach Form 477 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ IRA distriutions ~~~~~~~ 15a Taxale amount ~~~~~~ Pensions and annuities ~~~~ 16a Taxale amount ~~~~~~ Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F ~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Unemployment compensation ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Health savings account deduction. Attach Form 888 ~~~~~~~~ Moving expenses. Attach Form 303 ~~~~~~~~~~~~~~~ Deductile part of self-employment tax. Attach Schedule SE~~~~~~ Self-employed SEP, SIMPLE, and qualified plans ~~~~~~~~~~ Self-employed health insurance deduction ~~~~~~~~~~~~~ Penalty on early withdrawal of savings ~~~~~~~~~~~~~~~ IRA deduction Student loan interest deduction!! ~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~ Tuition and fees. Attach Form 817 ~~~~~~~~~~~~~~~~ Domestic production activities deduction. Attach Form 803 ~~~~~ Add lines 23 through 35 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 36 37 ; " " " " X 1 1 20,000. 30,000. Form 1040 (2016)
Form 1040 (2016) Tax and Credits 3a Check You were orn efore January 2, 152, Blind. Total oxes Standard Deduction for - if: Spouse was orn efore January 2, 152, Blind. checked ~ 3a People who If your spouse itemizes on a separate return or you were a dual-status alien, check here ~~ 3 check any ox on line 3a or 40 Itemized deductions (from Schedule A) or your standard deduction (see left margin) ~~~~~~~~~~~ 40 3 orwho can e claimed as a 41 Sutract line 40 from line 38 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 41 dependent, see instructions. 42 Exemptions. If line 38 is $155,650 or less, multiply $4,050 y the numer on line 6d. Otherwise, see inst. ~~ 42 45 Alternative minimum tax. Attach Form 6251 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ All others: Single or 46 Excess advance premium tax credit repayment. Attach Form 862 ~~~~~~~~~~~~~~~~~~~~ Married filing 47 Add lines 44, 45, and 46 separately, $6,300 48 Foreign tax credit. Attach Form 16 if required ~~~~~~~~~~~~~ 48 Married filing jointly or Qualifying widow(er), $,600 Head of household, $,300 Other Taxes Payments If you have a qualifying child, attach Schedule EIC. Refund Direct deposit? See instructions. Amount You Owe Third Party Designee Sign Here Joint return? See instructions. Keep a copy for your records. Paid Preparer Use Only 610002-30-16 38 Amount from line 37 (adjusted gross income) 38 43 44 4 50 51 52 53 54 55 56 57 58 5 Taxale income. Sutract line 42 from line 41. If line 42 is more than line 41, enter -0- ~~~~~~~~~~~ Tax. Check if any from: a Form(s) 8814 Form 472 c ~~~~~ First-time homeuyer credit repayment. Attach Form 5405 if required ~~~~~~~~~~~~~~~~~~~ 61 Health care: Individual responsiility (see instructions) Full-year coverage X ~~~~~~~~~~~ 62 Taxes from: a Form 85 Form 860 c Inst.; enter code(s) 63 64 65 Residential energy credits. Attach Form 565 ~~~~~~~~~~~~~~ Other credits from Form: a 3800 8801 c Add lines 48 through 54. These are your total credits~~~~~~~~~~~~~~~~~~~~~~~~~~ 55 Unreported social security and Medicare tax from Form: a Credits from Form: a 243 Reservedc 8885 d 73 Add lines 64, 65, 66a, and 67 through 73. These are your total payments 74 75 If line 74 is more than line 63, sutract line 63 from line 74. This is the amount you overpaid~~~~~~~~~ 76a Amount of line 75 you want refunded to you. If Form 8888 is attached, check here Routing Account numer c Type: Checking Savings d numer 77 Amount of line 75 you want applied to your 2017 estimated tax 77 Do you want to allow another person to discuss this return with the IRS (see instructions)? Yes. Complete elow. No Designee s Phone Personal identification name no. numer (PIN) Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the est of my knowledge and elief, they are true, correct, and accurately list all amounts and sources of income I received during the tax year. Declaration of preparer (other than taxpayer) is ased on all information of which preparer has any knowledge. Your signature Date Your occupation Daytime phone numer Spouse s signature. If a joint return, oth must sign. Date Spouse s occupation If the IRS sent you an Identity Protection PIN, enter it here Print/Type preparer s name Preparer s signature Date Check self-employed Firm s name Firm s EIN " Phone no. Firm s address 4 50 51 52 53 54 4137 81 ~~~~~~~~~~~ Add lines 56 through 62. This is your total tax 66a Earned income credit (EIC) 67 68 6 70 71 72 73 74 78 7 Credit for child and dependent care expenses. Attach Form 2441 ~~~~~~ Education credits from Form 8863, line 1 ~~~~~~~~~~~~~~~ Retirement savings contriutions credit. Attach Form 8880 ~~~~~~~~ Child tax credit. Attach Schedule 88, if required ~~~~~~~~~~~~ Sutract line 55 from line 47. If line 55 is more than line 47, enter -0- Self-employment tax. Attach Schedule SE ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 532 if required ~~~~~~~~~~ 60a Household employment taxes from Schedule H ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ = John Smith rqs Federal income tax withheld from Forms W-2 and 10 ~~~~~~~~~~ 2016 estimated tax payments and amount applied from 2015 return ~~~~ Nontaxale comat pay election ~~~~~ Additional child tax credit. Attach Schedule 88 ~~~~~~~~~~~~ American opportunity credit from Form 8863, line 8 ~~~~~~~~~~~ Net premium tax credit. Attach Form 862 ~~~~~~~~~~~~~~~ Amount paid with request for extension to file ~~~~~~~~~~~~~~ Excess social security and tier 1 RRTA tax withheld 66 ~~~~~~~~~~~ Credit for federal tax on fuels. Attach Form 4136 ~~~~~~~~~~~~~ Amount you owe. Sutract line 74 from line 63. For details on how to pay, see instructions ~~~~~~~ 78 Estimated tax penalty (see instructions) 64 65 66a 67 68 6 70 71 72 7 Applied For pmo if 43 44 45 46 47 56 57 58 5 60a 60 61 62 63 75 76a PTIN Page 2 30,000. 6,300. 23,700. 4,050. 1,650. 2,488. 2,488. 2,488. 2,488. 2,488.
Form 8621 (Rev. Decemer 2016) Department of the Treasury Internal Revenue Service Name of shareholder Information Return y a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund Information aout Form 8621 and its separate instructions is at www.irs.gov/form8621. Identifying numer (see instructions) OMB No. 1545-1002 Attachment Sequence No. 6 John Smith Numer, street, and room or suite no. (If a P.O. ox, see instructions.) 1060 West Addison St. Applied For Shareholder tax year: calendar year 2016 or other tax year eginning, and ending,. City or town, state, and ZIP code or country Chicago, IL 0210 Check type of shareholder filing the return: X Individual Corporation Partnership S Corporation Nongrantor Trust Estate Check if any Excepted Specified Foreign Financial Assets are Reported on this Form (see instructions) X Name of passive foreign investment company (PFIC) or qualified electing fund (QEF) Employer identification numer (if any) Europe Index Mutual Fund Address (Enter numer, street, city or town, and country.) 221B Baker Street London 00000 United Kingdom Part I Summary of Annual Information (See instructions.) Provide the following information with respect to all shares of the PFIC held y the shareholder: 1 Description of each class of shares held y the shareholder: B 2 Check if shares jointly owned with spouse. Date shares acquired during the taxale year, if applicale: Reference ID numer (see instructions) Euroindex Tax year of PFIC or QEF: calendar year 2016 tax year eginning, and ending,. or other 3 Numer of shares held at the end of the taxale year: 500. 4 Value of shares held at the end of the taxale year (check the appropriate ox, if applicale): (a) (e) $0-50,000 () $50,001-100,000 (c) $100,001-150,000 (d) $150,001-200,000 If more than $200,000, list value: 530,000. 5 Type of PFIC and amount of any excess distriution or gain treated as an excess distriution under section 1, inclusion under section 3, or inclusion or deduction under section 6: (a) Section 1 $ () Section 3 (Qualified Electing Fund) $ (c) X Section 6 (Mark to Market) $ 10,000. Part II Elections (See instructions.) A Election To Treat the PFIC as a QEF. I, a shareholder of a PFIC, elect to treat the PFIC as a QEF. Complete lines 6a through 7c of Part III. B Election To Extend Time For Payment of Tax. I, a shareholder of a QEF, elect to extend the time for payment of tax on the undistriuted earnings and profits of the QEF until this election is terminated. Complete lines 8a through c of Part III to calculate the tax that may e deferred. Note: If any portion of line 6a or line 7a of Part III is includile under section 51, you may not make this election. Also, see sections 4(c) and 4(f) and the related regulations for events that terminate this election. C X Election To Mark-to-Market PFIC Stock. I, a shareholder of a PFIC, elect to mark-to-market the PFIC stock that is marketale within the meaning of section 6(e). Complete Part IV. D E F G H Deemed Sale Election. I, a shareholder on the first day of a PFIC s first tax year as a QEF, elect to recognize gain on the deemed sale of my interest in the PFIC. Enter gain or loss on line 15f of Part V. Deemed Dividend Election. I, a shareholder on the first day of a PFIC s first tax year as a QEF that is a controlled foreign corporation (CFC), elect to treat an amount equal to my share of the post-186 earnings and profits of the CFC as an excess distriution. Enter this amount on line 15e of Part V. If the excess distriution is greater than zero, also complete line 16 of Part V. Election To Recognize Gain on Deemed Sale of PFIC. I, a shareholder of a former PFIC or a PFIC to which section 7(d) applies, elect to treat as an excess distriution the gain recognized on the deemed sale of my interest in the PFIC on the last day of its last tax year as a PFIC under section 7(a). Enter gain on line 15f of Part V. Deemed Dividend Election With Respect to a Section 7(e) PFIC. I, a shareholder of a section 7(e) PFIC, within the meaning of Regulations section 1.7-3(a), elect to make a deemed dividend election with respect to the Section 7(e) PFIC. My holding period in the stock of the Section 7(e) PFIC includes the CFC qualification date, as defined in Regulations section 1.7-3(d). Enter the excess distriution on line 15e, Part V. If the excess distriution is greater than zero, also complete line 16, Part V. Deemed Dividend Election With Respect to a Former PFIC. I, a shareholder of a former PFIC, within the meaning of Regulations section 1.8-3(a), elect to make a deemed dividend election with respect to the former PFIC. My holding period in the stock of the former PFIC includes the termination date, as defined in Regulations section 1.8-3(d). Enter the excess distriution on line 15e, Part V. If the excess distriution is greater than zero, also complete line 16, Part V. 66-30-16 LHA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Form 8621 (Rev. -2016) 10 06010 74837 PFIC 2016.05020 Smith, John PFIC1
Form 8621 (Rev. -2016) Part III Income From a Qualified Electing Fund (QEF). All QEF shareholders complete lines 6a through 7c. If you are making Election B, also complete lines 8a through c. (See instructions.) 6 a Enter your pro rata share of the ordinary earnings of the QEF ~~~~~~~~~~~~ c c c d e c Complete lines 8 and only if you are making a section 4 election (Election B) for the current tax year. Sutract line 8d from line 8a, and enter the difference (if zero or less, enter amount in rackets) ~~~~~~~~~~~~~ Important: If line 8e is greater than zero, and no portion of line 6a or 7a is includile in income under section 51, you may make Election B with respect to the amount on line 8e. Sutract line from line a. This is the deferred tax, the time for payment of which is extended y making Election B Part IV Gain or (Loss) From Mark-to-Market Election (See instructions.) 10a Enter the fair market value of your PFIC stock at the end of the tax year ~~~~~~~~~~~~~~~~~~~~~~~~ 13 Enter the portion of line 6a that is included in income under section 51 or that may e excluded under section 3(g) ~~~~~~~~~~~~~~~~~~~~~~~~ Sutract line 6 from line 6a. Enter this amount on your tax return as ordinary income 7 a Enter your pro rata share of the total net capital gain of the QEF ~~~~~~~~~~~ Enter the portion of line 7a that is included in income under section 51 or that may e excluded under section 3(g) ~~~~~~~~~~~~~~~~~~~~~~~~ Sutract line 7 from line 7a. This amount is a net long-term capital gain. Enter this amount in Part II of the Schedule D used for your income tax return. (See instructions.) 8 a Add lines 6c and 7c Enter the total amount of cash and the fair market value of other property distriuted or deemed distriuted to you during the tax year of the QEF. (See instructions.) ~~~~ Enter the portion of line 8a not already included in line 8 that is attriutale to shares in the QEF that you disposed of, pledged, or otherwise transferred during the tax year ~ Add lines 8 and 8c ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ a Enter the total tax for the tax year (See instructions.) ~~~~~~~~~~~~~~~~ Enter the total tax for the tax year determined without regard to the amount entered on line 8e ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Enter your adjusted asis in the stock at the end of the tax year c Sutract line 10 from line 10a. If a gain, do not complete lines and. Include this amount as ordinary income If you sold or otherwise disposed of any section 6 stock (see instructions) during the tax year: a Enter the fair market value of the stock on the date of sale or disposition Enter the adjusted asis of the stock on the date of sale or disposition c Sutract line 13 from line 13a. If a gain, do not complete line 14. Include this amount as ordinary income on your 14a Enter any unreversed inclusions (as defined in section 6(d)) ~~~~~~~~~~~~~~~~~~~~~~~~~~~ Enter the loss from line 13c, ut only to the extent of unreversed inclusions on line 14a. Include this amount as an ordinary c Enter the amount y which the loss on line 13c exceeds unreversed inclusions on line 14a. Include this amount on your tax Note: See instructions in case of multiple sales or dispositions. 6a 6 7a 7 8 8c a ~~~~~~~~~~~~~~~~~~~~~~~~~~~ on your tax return. If a loss, go to line ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Enter any unreversed inclusions (as defined in section 6(d)) ~~~~~~~~~~~~~~~~~~~~~~~~~~~ Enter the loss from line 10c, ut only to the extent of unreversed inclusions on line. Include this amount as an ordinary loss on your tax return ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~ tax return. If a loss, go to line 14 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ loss on your tax return. If the loss on line 13c exceeds unreversed inclusions on line 14a, complete line 14c ~~~~~~~~ return according to the rules generally applicale for losses provided elsewhere in the Code and regulations ~~~~~~~ 6c 7c 8a 8d 8e c 10a 10 10c 13a 13 13c 14a 14 14c Page 2 510,000. 500,000. 10,000. Form 8621 (Rev. -2016) 66-30-16 06010 74837 PFIC 2016.05020 Smith, John PFIC1
John Smith -- }}}}}}}}}} }}}}}}}}}}} ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Form 1040 Miscellaneous Income Statement 1 }}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} Description Amount }}}}}}}}}}} }}}}}}}}}}}}}} Form 8621, line 10c - Europe Index Mutual Fund 10,000. }}}}}}}}}}}}}} Total to Form 1040, line 21 10,000. ~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Form 8621 Additional Information Statement 2 }}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} Name of PFIC or QEF }}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} Europe Index Mutual Fund Numer Numer Value of of Shares Change of Shares Shares Class of at Begining in Numer Date of at End Held At Jointly Stock of Year of Shares Change of Year Year End Owned }}}}}}}}}} }}}}}}}}}} }}}}}}}}}} }}}}}}}} }}}}}}}}}} }}}}}}}}}} }}}}}}} B 500. 0. 500. 530,000. 16 Statement(s) 1, 2 06010 74837 PFIC 2016.05020 Smith, John PFIC1