1040X

ikeaidea · Post by **ikeaidea** » Tue Mar 01, 2011 2:11 pm

Hi,

Some tech question when filling out the 1040X as following, hoping you could help me out.

1) My Spouse has TIN # rather than SSN in previous years, what # should I put in the SSN, current one or previous one?

2) Need I submit the statement of RRSP when filing 1040X for back filing 8891?

3) May I amend 1040X for 2003 using 2003 as first year? It is over 6 years, is it ok?

Thanks!

nelsona · Post by **nelsona** » Tue Mar 01, 2011 3:07 pm

You will amend each 1040 with a separate 1040-X, so simply use the same ID that was used then.

You will only include 8891s for each account for each year. No RRSP documentatuion is to be submitted.
There is not much point to going past 6 years. For your rcords however, you need to determine the entry value of yourRRSP.

ikeaidea · Post by **ikeaidea** » Tue Mar 01, 2011 3:56 pm

Thanks!

One more question is about exchange rate for CA adjustment. Ave. rate or Year end rate for the interest income, capital gain/loss?

nelsona · Post by **nelsona** » Tue Mar 01, 2011 4:37 pm

Not sure what "CA adjustment" is, but the only figure you report on 8891 is the year-end balance, so you would use the USD/CAD exchange rate in effect on dec 31 of each year you submit an 8891, which is easily available on the Bank of canada website.

nelsona · Post by **nelsona** » Tue Mar 01, 2011 4:42 pm

If you are reporting actual income for your california past returns , then you determine gains and losses using the actual exchage rates on the days you bought and sold items, and on the days your RRSP recieved the reportable income.

ikeaidea · Post by **ikeaidea** » Tue Mar 01, 2011 7:28 pm

Opps, so so so much complicated for the exchange rate to be calculated. May I just use the average rate for interest and capital gain/loss? Is the estimation acceptable?

And for the 8891 back filing purpose, yes I understand 6 years is enough. But my concern is for the TD-F form. The new OVDP is from 2003, and since I have the data of 2003, I want to keep the 1040x and TDF for the same start years. So my question is : is there any problem to back to 2003 and elect 2003 as first year? Or will IRS say like "it's over 6 years of limitation so the election is not accepted?"

Thank you so much!

nelsona · Post by **nelsona** » Tue Mar 01, 2011 9:01 pm

Filing 2003 will not harm you.

Generally it is not acceptable to estimate income. If you know the preiod in which you bought funds, then you can use an average amount for that period. hen you sell, you use the price on the day you sell.

ikeaidea · Post by **ikeaidea** » Thu Mar 03, 2011 2:03 pm

Thanks Nelsona.

Last question about 1040X. My RRSP amount is over $10,000, but must I attach Schedule B for the question"foreign bank" to be check as "YES" ? for the 1040x? IRS guys sometimes are very stupid. I am afraid if i submit the Schedule B, they will mistakely thought I changed some dollar amount for interest income?

Please advice.

Thanks!

nelsona · Post by **nelsona** » Sun Mar 06, 2011 11:19 am

It is more important that you submit 8891 and FBAR.