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Forum: USA

Mar 5th 2024, 11:58 pm

Replies: 11

Tax time - first year resident, ISA/PFICs

Views: 1,122

Posted By Glasgow Girl

Re: Tax time - first year resident, ISA/PFICs

Your welcome. Just remember that I am not a financial professional but have helped quite a few others through the mess associated with foreign accounts and so have some layman’s knowledge.

Forum: USA

Mar 5th 2024, 11:38 pm

Replies: 11

Tax time - first year resident, ISA/PFICs

Views: 1,122

Posted By Glasgow Girl

Re: Tax time - first year resident, ISA/PFICs

You should only have to submit one Form 8621 (because you did not directly own any of the underlying funds).

if you elect MTM taxation I believe you can identify the value of the fund on Jan 1st...

Forum: USA

Jan 15th 2024, 11:54 pm

Replies: 11

Tax time - first year resident, ISA/PFICs

Views: 1,122

Posted By Glasgow Girl

Re: Tax time - first year resident, ISA/PFICs

You only have to file Form 8621 for each fund that you own directly. It sounds like you owned what is commonly known as a fund of funds where you invested into a single fund that invested into other...

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