Serbinski Accounting Firms

I was planning on cashing out all of it, but perhaps there is a tax benefit of doing it over time, though it seems that would complicate the reporting of the taxable portion. Thoughts?

Sorry, I misread the 8891 beneficiary part. I will submit 8891s with value, along with my old 1040s for the two missing years. Not sure why I missed those 2 years, but I did. 2002 I submitted and have a copy, but Treasury can't find it. Per your suggestion, I will run the calc for 1116 and for Sched...

Thx so much nelsona. Just to clarify: 1.) Resubmit ALL 8891s correcting Annuitant or just 8891s missing value? 2.) Submit 3 years (2002, 2009 and 2010) of missing FBARs, now FINCEN114. 3.) Line 7a of 8891 is less 25% withheld by Canada, correct? Same for 16a. 4.) Line 7b of 8891 is difference betwee...

One more thing. Besides the 8891s missing the account value, shoudl I also resubmit ALL the 8891s for which I entered Beneficiary instead of Annuitant?

Thx!! So I will submit the 8891s for 2008, 2009, 2010 and 2011 with the amounts of the value of the RRSP at year end using the treasury yr end conversion rate, correct? For the FBAR, the new FINCEN114 requires maximum value during the year, so I will submit those missing ones inidcating forgot to fi...

Background: I am a US citizen who lived and worked in Canada as a landed immigrant from 1990 until 1999. Since returning to the US, I have reported my RRSP to both the IRS and the Dept of Treas. IRS Rev Proc 89-45, then form 8891 (though per my records, I seem to have not included the amount of my R...

Thanks so much for the informed reply; it is extremely helpful. As I feared though, your answers have prompted new questions on my part. I will review your information thoroughly and post my new questions in a few days. FYI, I have always filled out the form for the Dept of Treasury (even while I wa...

I am a US citizen, who from 1990 until 1999 was a landed immigrant working in Canada. I returned to the US in 1999 and closed out all my Canadian financial accounts except for my RRSP. With the recent fall of the US dollar, it now seems like a good time for me to make some withdrawals from my RRSP. ...