Filling out Prior 1040s Myself

merrit · Post by **merrit** » Thu Sep 22, 2011 3:35 pm

Hello,

I need to catch up on filing some past 1040s. From the reading I have been doing, it seems pretty simple. Just looking for some confirmation if I am doing this correctly or what needs corrected.

Summary: US citizen, working in Canada all year, later received Permanent Residence, not interested in any potential credits or stuff like that -- just want to file and catch up.

I have filled out a 2555-EZ and am able to exclude my entire income. I then filled out a 1040, entered the same income (exchanged currency for that year), entered that income on line 21 in parenthesis, subtracted the two to get 0 and then just entered zero in various boxes down the 1040. Is that it? Or am I missing a bunch of steps?

Thank you for your help :)

nelsona · Post by **nelsona** » Thu Sep 22, 2011 3:38 pm

Remember that 2555 adresses only earned income (wages) and not pasive income (interest, gains, etc). thos incomes still need to be repoted an the various lines, schedules.

Also, as a US taxpayer, you MUST report the existence of any RRSP you have on form 8891, and you must do futher reporting (outlinedin several posts hee) for RESP, TFSA, mutial funds, etc.

You also need to file FBAR document reporting all accounts tha tyou have.

merrit · Post by **merrit** » Thu Sep 22, 2011 3:41 pm

Thank you for your quick reply.

I never had an RRSP since in Canada. I also did not earn any passive income -- just what I made as an employee. I'm assuming I'm OK with just the 2555, then?

The FBAR is required no matter what, correct?

Thanks again :)

nelsona · Post by **nelsona** » Thu Sep 22, 2011 3:45 pm

Wow. I've never known anyone who never earns interest. What do you do with your money?!

FBAR is for those whose total account holdings is more than $10K at any time in the year.

Given you previous statement, I'm guessing you don't have enough money to require FBAR-- or you aren't telling the truth.

merrit · Post by **merrit** » Thu Sep 22, 2011 3:46 pm

My money went into a standard chequing account that didn't generate interest. I did have balances over $10 through the years, though, so I will look at the FBAR. Will probably have to go to the bank to get exact numbers through the years?

nelsona · Post by **nelsona** » Thu Sep 22, 2011 4:32 pm

Your only going back three years, so i'm pretty sure you have statements.

Things should sty pretty simple for you until you begin to collect pensions.

merrit · Post by **merrit** » Thu Sep 22, 2011 4:36 pm

Thank you very much for your advice :)