Filing FBARs for past years

pdqmt · Post by **pdqmt** » Thu Apr 28, 2016 12:46 am

I was recently enlightened to the fact that I should have been filing FBARs for the past 4 years. I have the necessary info and it seems straight forward, but I do have a few questions.
I see there are selections for reasons, but should a letter of explanation be included as well?
My Canadian bank account is in my maiden name, I never changed it to my married name that I use in the US. Is that going to cause a complication?
As monetary amounts are to be recorded in US dollars, do I need to try to match the rate of the exact day of my highest balance? It seems most information for past rates are in monthly quotes.
Thanks for your help!

peer · Post by **peer** » Fri Apr 29, 2016 12:16 am

I have my own question, and I'm not an accountant, or lawyer, but did you read this page?
https://www.irs.gov/Individuals/Interna ... Procedures

pdqmt · Post by **pdqmt** » Fri Apr 29, 2016 12:30 pm

Thanks for bringing this to my attention. I had read of it in other forums and come to the wrong conclusion that it wasnâ€™t appropriate for my situation.

pdqmt · Post by **pdqmt** » Mon May 02, 2016 7:15 pm

Can someone explain to me why I shouldn't use this option instead of the Streamlined procedure?

https://www.irs.gov/Individuals/Interna ... Procedures

nelsona · Post by **nelsona** » Mon May 02, 2016 8:58 pm

Did you report all income from these accounts on your 1040s each year? If so, why would you use any other method.

pdqmt · Post by **pdqmt** » Mon May 02, 2016 11:23 pm

I have received a 1099 for my Citifund RRSP and have reported it each year that Iâ€™ve filed US taxes. I also have TD Waterhouse RRSPs. I contacted TDW and was told no 1099 was needed because the reporting was done by TD.
My problem is I have TD savings and Line of Credit accounts that have at times totaled over $10,000 that I have never reported.

nelsona · Post by **nelsona** » Mon May 02, 2016 11:30 pm

I'm asking about unreported income. That would b=prevent you from simply submitting FBARs.

Why would you have reported RRSP which is tax sheltered in US? You ignore any 1099's issued for these.

nelsona · Post by **nelsona** » Tue May 03, 2016 3:17 pm

Another problem you have created by reporting internal RRSP income as taxable on your 1040, is that, by the new RRSP rules from IRS, you can no longer shelter ANY of the internal income from that RRSP.

tony · Post by **tony** » Wed Oct 19, 2016 11:14 pm

" you can no longer shelter ANY of the internal income from that RRSP."

I dont' understand this. As far as I know, rrsp can be defered until distributed. Hence, no tax is required until it is distributed (new law end of 2014).

nelsona · Post by **nelsona** » Thu Oct 20, 2016 1:06 pm

Once you report any undistributed income an any year, you can no longer treat the RRSP as sheltered. That was part of the new rules when 8891 was eliminated.

But if you have never reported any RRSP income, it remains sheltered without any other required paperwork.