r2i forum

rsharma - it goes as income on 1040 right? I understand its a separate form and calculation. Are you saying I pay separate check for PFIC to separate address? Thanks for Hotline Tip.

Thank you all Guru's! So does that means I have to amend all prior years returns and attach 8621 and MF statements? Unfortunately I couldn't find a single example of Form 8621 on internet. I invested from Aug 2005 - June 2011. Sold around 70% of portfolio in June 2010. How should I MTM elect rest 30 ...

Can I use MTM method for non-OVDI (Traditional VD or amendments) purpose? Or I have to file Form 8621? Do I need prior election for MTM? Should I do it now for Year 2011 return?

Extract from another blog (which is Greyfri's option 1): If you invested in growth funds i.e. if there was no dividend received on PFIC and no sale of any PFIC interest you could not do the MTM. Then you would be subject to excess distribution rules (Sec 1291) when you sell the PFIC or if you ...

I can't thank you enough greyfri for clarifying it. This was a turning point to make a case to file OVDI. Surprisingly I contacted two CPAs and they had no clue on PFIC and IRS expects new immigrant to know about it. I have further questions: 1. You said you can defer it and pay 35% when you sold it ...

I've invested Rs 60K every month in Growth Funds (No Interest/Dividends) - My investment planner said that there is no long term tax on growth funds which I think is wrong in US tax system. If it's considered PFIC. How should I calculate penalty? Can someone help me with example? I invested from ...

Hello, I just learned about OVDI and now trying to collect all paper work. I can't find old tax returns or bank statements. I haven't even applied for pre clearance letter. Is it too late? Can some one guide me? Also, if have experience with extension then please share. Also, I've no money to send ...

Can some one confirm above is true for "Growth Funds" ? I invested in SIP (systematic investment plan) where I invest MONTHLY fixed amount in growth funds. So, should I subtract year end NAV from monthly NAV to calculate capital gain? How do I calculate capital gain for next year? What about year I ...

Thanks Sunk11. I signed up. I'm disappointed to see thousands of people discussing on forums but only 33 petitions. Folks wake up please sign up! Thank you!!!