backfiling 8891 and TDF

[ikeaidea]

Dear Delsona,

Read some your post and much helpful. However, still have some questions about backfiling 8891 and TDF, hope you could advice, thanks!

1) Googled 8891 late filing, and there is some one said it needs private ruling letter otherwise it cannot be accepted. Did you see and examples that late file 8891 without private ruling letter that be rejected and charge penalty?

2) I know clear up all back filing, however still very hesitate to do it because of the penalty. Are you still believe that IRS take the position that if we moved forward, it may not charge it?

Thanks and happy holiday!

[nelsona]

I know of NO ONE who has ever gotten into trouble late filing 8891. In fact, the rev proc which gave fruition to that form specifically allowed back-filing.

For the FBAR, I don't know of any provision to back-file, but, you should file this year's anyways.

[ikeaidea]

Many thanks Nelsona. One more question for 8891 filing :

Back filing for 6 years, the first year in the line 6 (a), check No, and 6 (c) checked. How about the other five years and later if I want to make election? Same as the first year ? or 6(a) -- Yes, 6(B) the first year, then line 7...?


Thanks!

[nelsona]

When you make the election on the 8891 for, say, 2004, that becomes the year of election for subsequent 8891's.

[bizeebut]

Hello:
I've been in the US since 2000 and became a PR in 2002. I have NEVER reported my RRSPs, as I didn't think it was necessary if no funds were withdrawn. I now would like to amend my taxes and my 8891 for the past years. How far back should I amend my returns? Back to 2004? Also, my husband and I took out some money from our RRSPs in 2010, which now make my account at $2000 and his at empty, so I'm wondering if we also need to send some form (TD 90-22.1)? Thank you so much for your help.

[nelsona]

s, you needed to file 8891 and TD forms every year, including 2010. Go back six years for 8891.

I would be fixing 8891 for 2009 and back BEFORE submitting 2010 return.

[ikeaidea]

Nelsona,

Now is 2011 and if I back file 8891 and TD-F before submitting 2010, I need back from 2004 tax return, right? But if after 4/15/2010, does it mean I could back from 2005?

I will extend 2010 tax return. After 4/15/2010, I back file 5 years, 05, 06, 07, 08 and 09. Then I file 2010 with TD-F. Is it correct understanding for 6 years? Or I must back from 2004?

Thanks!

[ikeaidea]

Sorry, I mean after 4/15/2011.

[nelsona]

Does it really make a difference?

[ikeaidea]

As I know the statute of limitation is 6 years, and I do not want to open too many years to IRS. That's why I am looking for the best solution. Just for calculation, if each year I filed before due date, does it mean I could back 5 years (from 2005) and file the current year correctly, totally 6 years? Or need I back another 6 years excluding current year?

Thanks!

[bizeebut]

I will be amending my 8891s for the past six years. I also want to submit my TD F 90-22.1 form to the Treasury Dept, but I'm not sure for which year(s) I would have to submit that? Would I just submit that form for 2009 or am I required to submit TD Fs for 2004, 2005, 2006, 2007, and 2008, too?