Background: US TAX RETURN - First Tax year 2002 after return from living in US.
US (Dual) Citizen (RRSP Contributions 2002-2006 Started at zero > $55K @ Dec 31 2006)
Wife non-resident Alien for purposes of filing jointly has Small RRSP contributions 2005/2006)
We Both Live in Canada
I was headed toward Filing 2006 return by Monday 15th/Oct - & just started learning about 8891 filing requirements and that RRSP is a "Trust" triggering 3520/8891/TDF90-22-1 requirements for pevious years.
Thank you for all the info in the strings but I ask for your patience in [u]Answering/Confirming [/u]the following points:
[u]On Oct 13[/u]
[b]AA[/b]) I will to file [b]3520[/b] for 2002-2003 using [b]104Ox[/b] with covering letter stating:
"-No income, deduction or credit is being amended.
-Canadian RRSP - I would like to elect to defer United States Income Tax on the beneficiary’s share of income until the income is distributed to the beneficiary."
[b]BB[/b]) for 2004-2005 I have to file [b]1040X & 8891 [/b]with a letter atached making the same statments Above " " under AA
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[b][u]On Oct 15 (Mon)[/u][/b] having mailed 2002-2005 1040X above on Oct 13:
[b]CC[/b]) I Mail 1040 Return for 2006 c/w 8891 showing first tax year was [u]2002 [/u]([b]AA[/b])above
(I have 2006 extension filed)
[b]DD)[/b] Does my wife have to include 8891 for 2005 or 2006 =her only RRSP contributions) (She is not a US Citizen or US Resident but is chosing the file jointly)?
[b]EE)[/b] Does either RP 2002-23 or Notice 2003-75 result in a form to be submitted other than 3520/8891?
Please try to bail me out as I leave Saturday for a 4 wk overseas trip and hopefully I can resolve this before I leave.
Tks very very much in advance
3520 8891 2002-2006 filing amended retruns
Moderator: Mark T Serbinski CA CPA
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icbusiness
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icbusiness
- Posts: 16
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Not sure I want to wade into this, but I somehow can't seem to leave you hanging -- maybe because I can understand the frustration. You've asked a lot of questions, and I suspect Nelson has answered just about all of them in this forum. You should be able to find all the answers with some searching.
I would not rush through this until you're really sure about, or at least comfortable with, what you're doing. That said, here are my thoughts:
- You're mixing up the forms. TDF90-22.1 is required for all of your financial accounts, not just RRSPs. Read the form instructions.
- I believe Form 3520 generally is no longer used for RRSPs. I successfully used the undated 8891 for the past 6 years (or you can use the rev proc procedures for earlier years as described in this forum). I hand dated each 8891.
- I did not file the rev procs, but I do not believe there is a specific form.
- I can't really answer your question about your wife's RRSP. I would think that if you continue to file jointly, eventually income reported from your wife's RRSP would need to be reported. If you do not file 8891 for her now, I suspect she would taxed on the full amount later.
I would not rush through this until you're really sure about, or at least comfortable with, what you're doing. That said, here are my thoughts:
- You're mixing up the forms. TDF90-22.1 is required for all of your financial accounts, not just RRSPs. Read the form instructions.
- I believe Form 3520 generally is no longer used for RRSPs. I successfully used the undated 8891 for the past 6 years (or you can use the rev proc procedures for earlier years as described in this forum). I hand dated each 8891.
- I did not file the rev procs, but I do not believe there is a specific form.
- I can't really answer your question about your wife's RRSP. I would think that if you continue to file jointly, eventually income reported from your wife's RRSP would need to be reported. If you do not file 8891 for her now, I suspect she would taxed on the full amount later.