OMB.report

Federal forms, ICRs, and supporting documents

Information Collection Request

Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund

ICR 202502-1545-002 · OMB 1545-1002 · Received in OIRA

Forms and Documents
DocumentTypeStatusAvailability
Form 8621 Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund Form Modified Missing upstream
Form 8621-A Late Deemed Dividend or Deemed Sale Election by a Passive Foreign Investment Company Form New Missing upstream
Form 8621 and Form 8621-A - Responses to Comment Letters - Final.docx Supplementary Document Uploaded 2025-02-12 Repair queued
SS_1545-1002 (2025).docx Supporting Statement A Uploaded 2025-02-12 Repair queued
IC Document Collections
IC IDCollectionTypeStatusForm
39950 Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund Form Modified
273950 Late Deemed Dividend or Deemed Sale Election by a Passive Foreign Investment Company Form New
ICR Details
1545-1002 202502-1545-002
Received in OIRA 202109-1545-003
TREAS/IRS
Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
Revision of a currently approved collection   No
Regular 02/28/2025
  Requested Previously Approved
36 Months From Approved 02/28/2025
1,334 1,333
65,041 65,304
0 0
Form 8621 is filed by a U.S. shareholder who owns stock in a foreign investment company. The form is used to report income, make an election to extend the time for payment of tax, and to pay an additional tax and interest amount. Form 8621-A is used by shareholders of a former Passive Foreign Investment Company (PFIC) or a Section 1297(e) PFIC to make a late purging election under IRC Section 1298(b)(1) to terminate their subjection to taxation under Section 1291. The IRS uses Form 8621 and Form 8621-A to determine if these shareholders have correctly reported amounts of income, made the election correctly, and have correctly computed the additional tax and interest amount.
US Code: 26 USC 1297 Name of Law: Passive foreign investment company
   US Code: 26 USC 1298 Name of Law: Special rules
   US Code: 26 USC 1295 Name of Law: Qualified electing fund
  
None
Not associated with rulemaking
  89 FR 77239 09/20/2024
90 FR 10996 02/28/2025
Yes
  Total Request Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,334 1,333 0 1 0 0
Annual Time Burden (Hours) 65,041 65,304 0 79 -342 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
There are no changes to either forms or their uses. IRS is making an administrative change to merge the previously approved OMB 1545-1950-Form 8621-A into the OMB approval of 1545-1002. This increases the burden due to Agency Discretion by 79 hours. Additionally, IRS corrected the burden calculation for the Form 8621. This decreases the burden due to Agency Estimate by -342.
$62,298
No
    Yes
    Yes
No
No
No
No
Milannie Molina 559 454-6915
  No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
02/28/2025