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<p>[QUOTE="Cloudsweeper99, post: 640607, member: 3011"]Tax Cut and TurboTax might be okay for MLPs, but be careful with PFICs. I don't believe that either package includes form 8621 which must be filed to either calculate the tax due annually or make the QEF election to defer the tax. And if you don't file the form, in theory the tax becomes 100% of your gain if the IRS happens to audit your return. I say theory because I don't know of anybody that had this happen to them, but I wouldn't sleep well at night knowing I had that exposure.[/QUOTE]</p><p><br /></p>
[QUOTE="Cloudsweeper99, post: 640607, member: 3011"]Tax Cut and TurboTax might be okay for MLPs, but be careful with PFICs. I don't believe that either package includes form 8621 which must be filed to either calculate the tax due annually or make the QEF election to defer the tax. And if you don't file the form, in theory the tax becomes 100% of your gain if the IRS happens to audit your return. I say theory because I don't know of anybody that had this happen to them, but I wouldn't sleep well at night knowing I had that exposure.[/QUOTE]
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