The TaxAct^® program supports the entry of fifty (50) Forms 8621 Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund per return.

If you need to file more than 50 Forms 8621 through TaxAct, you must paper file your return, but you can still enter the 50+ Forms 8621 in TaxAct so they flow to the other necessary forms by following these steps:

1. Group the forms according to the election that needs to be selected in Part II of the Form 8621.
2. Set aside all but 19 of the forms, and make sure the ones you set aside all will have the same election for Part II. If this is not possible, see the note below.
3. Enter each of the forms you have grouped together one at a time in the program. Print each of these forms, then delete them from the program so you can enter more. In the end you should have a printed copy of each of the Forms 8621, other than the 19 set aside.
4. Be sure all of the Forms 8621 are deleted in the return so there is no accidental doubling of amounts in the return.
5. Enter the 19 forms you set aside. On the 20th form, enter the combined amounts from the printed forms you grouped together. In the Name of passive foreign investment company (PFIC) or qualified electing fund (QEF) field on the form(s), enter the "TOTALS FROM COMBINED FORMS 8621" text.
   Note. These combined amounts must be from forms with the same election selected in Part II of the Form 8621.

When you print the return, do NOT send the Form(s) 8621 with the combined amounts to the IRS. Instead, replace the form(s) with the printed copies of each individual Form 8621 (from Step 2). The combined forms were only entered to enable all of the information to flow correctly to federal Form 1040 in TaxAct.

Note. If it is not possible to group forms together, you will need to set aside a smaller amount of individual forms and have two groups for the remaining forms. These two groups should have two separate elections in Part II, but the forms within each group must all have the same election.

To enter the information for each Form 8621 in the TaxAct program, go to our Form 8621 - Fillable Form - Return by a Shareholder of a PFIC or Qualified Electing Fund FAQ.