Hi,
I read many threads about RRSP but i did not find anyone with my current situation.
I got a letter from the IRS stating that i owe them about 4,500$ for the year 2010 because i forgot to report a 1099b form. This is true. Either i got the 1099b form after i filed or i overlooked it.
Anyway, the Total Gross Disposition is 21,547$ and this was coming from an RRSP in Canada. I never got that money since it was re-invested inside the RRSP.
What are my options? Can I back-fill a Form 8891 and be done with it?
Thanks for you help.
Forgot to report 1099b form in 2010 and now IRS after me.
Moderator: Mark T Serbinski CA CPA
Why was a 1099-b issued, if this was internal RRSP moneys? What slip did you get for Cdn tax purposes?
In any event, you should ALWAYS be filing an 8891 for each RRSP that you hava, EVERY YEAR. You should elect to defer taxation until you withdraw funds.
In any event, you should ALWAYS be filing an 8891 for each RRSP that you hava, EVERY YEAR. You should elect to defer taxation until you withdraw funds.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
Nelsona,
The 1099b was issued from CIBC Wood Gundy firm in Canada. It was not a "formal" slip but more a report of the transaction on 2 pages. However, the "Form 1099b" was written on it.
Why was a 1099b issued? I have no clue at this point. I am in contact with CIBC about this and i will find out.
In the eventuality that the form 1099b was issued corretly, Now, can i send them a back-filled form 8891 for 2010 with my response to the IRS?
Can someone tell me what selections (check boxes and amount) for the form 8891 i should do for 2010 and 2011?
Thanks.
The 1099b was issued from CIBC Wood Gundy firm in Canada. It was not a "formal" slip but more a report of the transaction on 2 pages. However, the "Form 1099b" was written on it.
Why was a 1099b issued? I have no clue at this point. I am in contact with CIBC about this and i will find out.
In the eventuality that the form 1099b was issued corretly, Now, can i send them a back-filled form 8891 for 2010 with my response to the IRS?
Can someone tell me what selections (check boxes and amount) for the form 8891 i should do for 2010 and 2011?
Thanks.
You seem to miss the point. Whether or not the form was issued correctly, you are required to submit an 8891 EACH and EVERY year.
I've dealt with 8891 at length. if you elect to defer tax, you will owe nothing.
But do get to the bottom of why WG screwed you this way.
I've dealt with 8891 at length. if you elect to defer tax, you will owe nothing.
But do get to the bottom of why WG screwed you this way.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
How could IRS receive f1099b form ? was it sent by CIBC/WG ? or it was sent by CRA. It seems strange to me.
Often people do back file or PLR before IRS find out. This would be considered in good faith.
Also I wonder if you will be in trouble with FBAR as well in case you have never filed TD 90-22 form.
Please keep us updated. Thanks
Often people do back file or PLR before IRS find out. This would be considered in good faith.
Also I wonder if you will be in trouble with FBAR as well in case you have never filed TD 90-22 form.
Please keep us updated. Thanks