Another RSP Question

magicaldeck · Post by **magicaldeck** » Thu Mar 01, 2012 1:16 am

Do I need to file an amendment for each year from 2003 onward (I think that was the first year the law took effect)? Also, do I need to send a copy of the FBAR, 8891 and 1040X forms to Sacramento as well?

nelsona · Post by **nelsona** » Thu Mar 01, 2012 12:15 pm

FBAR goes to detroit only
For california, you need to follw the rules for amending a return in your state, which you can find out yourself.

ianogilvie@bellsouth.net · Fri Mar 02, 2012 3:46 pm

[quote="nelsona"]You need to first determine the value of the RRSP when he arrived in US...[/quote]

I too am in the position of having neglected the reporting requirement on a small RRSP, and am following the procedure you identified in your post, to make good on my filing requirements. However, I do not see where to identify the value of the RRSP when I entered the U.S. I have prepared 8891's to 2005 and elected to defer on the first one. Is that where I need to put the original (year 2000) value?

nelsona · Post by **nelsona** » Fri Mar 02, 2012 5:36 pm

The rev proc that spawned 8891 does not ask for "beginning value", thus uit doesn't go anywhere on the form.

The older rev proc 89-45 required this, but no more.

It is up to you to determine your cost basis in your RRSP, and track this in your records.

walsh · Post by **walsh** » Mon Mar 26, 2012 1:35 pm

Magicaldeck:
Any update on your California RRSP backfiling situation?

walsh · Post by **walsh** » Sun Apr 01, 2012 1:50 am

For not including RRSP in California. How far back one has to file 540X? All the way back to 2003?

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Another RSP Question

Reporting past year RRSP

Amend california return