For each tax year of the voluntary disclosure, compute and report the tax liability as follows:
- Report any PFIC income, gain, or loss for the tax year as "Other Income" on the appropriate income tax return. For example, a resident individual would report the income on Line 15 of Form IT-201, Resident Income Tax Return, or line 15 of Form IT-201-X, Amended Resident Income Tax Return, as appropriate. (Note: For resident individuals filing amended returns for tax years 2006 and earlier, show the income as an increase or decrease to federal adjusted gross income on Line 1 of Form IT-201-X for those years.)
- When submitting the returns, attach the schedules that justify the computation of the PFIC income or loss. The supporting schedules may mirror the income/loss schedules for Federal Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.