Records Checklist for Form 8621
Good records decide how fast a Form 8621 review goes, and how accurate it is. Use this list for each fund you hold or held. Do not send identity numbers: for the safe way to share them, contact us first.
For each fund (scheme)
| What | Why we need it |
|---|---|
| Name of the fund and the scheme, plan and option (growth, dividend, IDCW, direct or regular) | To identify the PFIC and name it on the form |
| Fund house name and address | Form 8621 asks for the PFIC’s name and address |
| Every purchase: date, units, price and amount (include each SIP instalment) | Each lot has its own holding period and cost |
| Every dividend or IDCW: date, amount and whether it was reinvested | Distributions drive the 125% test and the excess distribution |
| Every sale, redemption, switch or transfer: date, units and amount | A sale is treated as an excess distribution |
| Units and NAV on December 31 of each year | Part I year-end value and units |
| Indian tax or TDS paid on dividends and gains | Possible foreign tax reduction |
About you
- The date you became a U.S. person (citizenship, green card date or first day as a U.S. resident).
- Your filing status for each year and whether the year’s return was filed. Previously filed returns for the years involved.
- Whether you made any QEF or mark-to-market election, and any Form 8621 already filed.
- Other Indian accounts and investments: bank, demat, insurance, EPF, PPF and NPS, which may raise other forms.
Where to get Indian fund statements
- Consolidated account statements are available from the registrars’ investor sites (CAMS, KFintech) and from MF Central. Ask for the period “from the first investment to today,” and for the year-end statement.
- Statements from some registrars come as password-protected PDFs. Keep the password to yourself; do not email it.
- Year-end NAVs are published by AMFI, the Indian mutual fund association, and by each fund house.
If your history is incomplete, tell us. Estimated lots can be used in a draft, clearly marked, until the real statement arrives.
General educational information. PFIC treatment, elections and reporting depend on individual facts and change over time. Confirm the rules on irs.gov and consult a qualified professional before filing Form 8621 or making any election. This site is an independent guide and is not affiliated with the IRS.