Serbinski Accounting Firms

Doing some more googling all references to a dormant foreign corporation points to IRS Rev. Proc. 92-70 are dated prior to the tax changes for 2018. Asking my question above a different way...Did the tax changes for 2018 change the definition of a dormant foreign corporation as noted in Rev. Proc. 9...

Hey everyone, I'm reading up on the changes to Form 5471 to understand what I need to file. In the instructions it references Rev. Proc. 92-70 for further guidance but I can't find that on the IRS website. Specifically I'm looking for the definition of a dormant foreign corporation to determine if I...

In TT Step-by-Step, Federal Taxes tab, select Wages & Income, Retirement Plans and Social Security. Last line Canadian Registered Pension Income.

I used TurboTax Deluxe and the form was there. It wasn't finalized until Jan 3/13 so you may need to do and update to TurboTax to see it.

My Spouse is out of town and we need to file a paper return because we need to submit a Form 5471.

Will the IRS accept a faxed or PDF signature page? If not, what are our options?
Can I e-file the return and just mail in form 5471?

Thanks.

Thanks Nelsona

I am now living in the US and in Canada I only have RRSPs and a normal savings account with no withholding in Canada. I'm reporting my interest income on my 2012 1040 so I am not filing a 2555. I don't have any foreign tax from 2012 to claim in my 1116 or 1116AMT. I have carryover amounts from 2011 ...

Raysonet,

Yes, you are correct. I have RRSP & RSP in Canada and that's it.

I'll give TurboTax Deluxe a try.

Hello, I am a Canadian GC holder working and living in the US. I've had an accountant prepare my US returns in the past and we filed the following: - TD F 90-22.1 - 1040 - 1116 - 3520 - 6251 - 5471 - 8891 - 8938 I'm thinking of trying TurboTax this year as I filed my Canadian taxes using Quicktax fo...

Thanks for the info everyone.

In preparing for my 2011 return I realized that I missed reporting an account and that another has a typo in the account number. As as result I have the following questions: - Do I re-file for 2010 with the updated information or correct it for the 2011 filing? - Should I include a cover letter to e...

I'm filling the form in now. In the Exceptions section of the instructions it states: "Participants in and Beneficiaries of Tax-Qualified Retirement Plans. A participant in or beneficiary of a retirment plan described in Internal Revenue Code section 401(a), 403(a), or 403(b) is not required to...

Thanks for the great info!

Thanks for the information and quick reply.

So fully vested RSP/RPP income/growth are subject to regular US income tax? Odd that RRSPs are exempt but not RPP/RSPs. Is there a different way to report the tax exemption if not on the 8891?

Just checking.

Thanks again.

I am preparing to file my TDF 90.22.1 to disclose my Canadian holdings. I have three questions: - When I file my TDF 90.22.1 should I send in my 8891 RRSP disclosure at the same time or submit the 8891 when I send in my 1040? - When I fill in my 8891, does RPP qualify or is it RRSP only? - Since mos...