The reference to the 3520 on the Streamlined Filing page is an example of what MAY be necessary if appropriate. The IRS agent advised that I did not need to and I will include his name and IRS # to justify the absence of the 3520/3520A with my filed returns.
I'll take your suggestion as one point for yes: file 3520/3520A forms to Ogden.
Any other thoughts?
One site on the internet (Collind Barrow) posted the following:
"Similar to RESP accounts, Tax-Free Savings Accounts (TFSAs) are not “tax free†for U.S. purposes. The income earned within a TFSA must be reported on the U.S. individual income tax return in the year earned. Depending on the structure of the TFSA, it may also be subject to the foreign trust filing requirements discussed above, although the IRS has not commented specifically on this issue. "
Has anyone received a specific comment form the IRS on this issue of the structure of a TFSA? Or is it simply that once you get into the 3520 filing stream, you are "flagged" as being required to file those forms?
The Streamlined Filing process is relatively new (came into effect September 1, 2012.), so I'm not sure how it will interact with the 3520/3520A filing requirement?
Search found 2 matches
- Mon Mar 11, 2013 4:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 221161
- Mon Mar 11, 2013 11:00 am
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 221161
My wife is a US citizen (resident in Canada since 1953 at the age of three) and I am now preparing 6 years of FBAR's and 3 years of 1040's for the Streamlined Filing process. An International IRS agent informed me that it was not necessary to file 3520/3520A forms for the streamlined filing process ...