Serbinski Accounting Firms

To K104XYZ --

"...prefer to keep doing that": that's the point, I would rather keep doing what I've been doing, rather than change and thus tacitly imply that I've been doing it wrong. And since I now have that response from the IRS email tax help service, I feel reasonably secure in continuing to ...

I know this is anticlimactic, but I submitted the same query to the IRS that K104XYZ did, with the following result.

I contacted the IRS's Electronic Tax Law Assistance Service, asking them if I could check "NO" on Schedule B line 8, given the fact that I do own an RRIF but I do not own any other ...

nelsona --

I know there was a year when people were supposed to file a 3520 for an RRSP; I gather from what you said that it was 2003.

But for 1989 to 2002 I sent in only a table satisfying the dictates of Rev Proc 89-45, with no 3520. (I also did that for 2003 and got no flak from the IRS, but I ...

nelsona --

"In fact until 2014, [RRSPs] were indeed a foreign trust requiring 3520 treatment." But I haven't seen remarks on this forum indicating that any significant number of people with RRSPs were submitting 3520s. The IRS appears to be inconsistent with its treatment of requirements. Which at ...

K104XYZ --

Thank you for your clarification. I didn't read your original remarks (and 8938 VI) carefully. What you're saying is perfectly clear.

On the Schedule B issue, I will try sending a question to the IRS's Email Tax Law Assistance just to see what they have to say.

Thank you very much for ...

(1) MGeorge and K104XYZ have said that in 8938 Part VI Line 8b they specified "Corporation", not "Trust". That would certainly make Schedule B easier: for the last several decades I have owned RRSPs or an RRIF but marked Sch B Line 8 = "No", and I would certainly not like to abruptly switch at this ...

Thank you rafa02 and nelsona. I will follow the procedure I intended to; it makes things easier.

I should have made it clear that I did not fill in the FBAR online. I downloaded the FinCEN-114.pdf file, filled it in offline, and then transmitted that pdf file to the Treasury Department via the web ...

For my 2014 FinCEN-114 (FBAR) I'm going to use my existing 2013 Fincen-114 pdf file and just update the Year, Filing Name, and Max Account Values.

Is anybody else doing the same thing, or do you know of any reason I shouldn't do this?

The new FinCEN-114 I just downloaded has the same Version ...

Thank you, nelsona!

OK, sorry, ignore previous question, as I just read your post of 2010 June 14, 8:34pm.

But for the 8833, my guesses for filling out items 2 to 6 are as follows:

Form 8833, as amended in December 2013:

It looks like I can leave item 4 blank and check item 5 "No".

Item 2 -- list the IR code ...

The IRS page

http://www.irs.gov/Individuals/International-Taxpayers/Claiming-Tax-Treaty-Benefits

says this about 8833 and social security & other public pensions:

Exceptions

You do not have to file Form 8833 for any of the following situations:

2. You claim a treaty exemption that reduces or ...

My justification for proposal (b) 1040 Line 20b = zero is this:

United States - Canada Income Tax Convention, article XVIII paragraph 5:

Benefits under the social security legislation in a Contracting State paid to a resident of the other Contracting State or a citizen of the United States shall ...

Well, I found an IRS page that says this:

Q: I am a U.S. taxpayer and have earned a right to foreign social security. Do I need to report this on Form 8938?

A: Payments or the rights to receive the foreign equivalent of social security, social insurance benefits or another similar program of a ...

I'm not answering your question, but I think there's yet another issue: you said you were going to use 1116 "instead" of 2555. I'm not an accountant, but I think you should seek professional advice about three things:

1) You could use 2555 to exclude as much as you can, and then use 1116 to take ...

OK, then I propose to do the following:

a) 1040 Line 20a = combined OAS + QPP amounts.

b) 1040 Line 20b = zero.

c) To explain Lines 20a & 20b, I will enclose a summary of the OAS and QPP amounts received and mention the US-Canada Tax Treaty.

d) I will list the OAS and QPP on form 8938 part VI ...