RRSP and 1040 Schedule B, Part III, 8 question.

[Atlaas02se]

1040 Schedule B, Part III, 8 states "did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust?"

Since RRSPs are considered Trusts, the answer would be yes on 1040 and 1040X?

[nelsona]

Yes.

[Mach7]

My Accountants answered NO for this as they identified that i have not yet taken any funds out of my RRSP.

I questioned him/them on this very point.

Anyway..i answered NO but filled out the 8891 forms for my RRSP which i suppose is the equivilant of the 3520...the IRS has not said anything about it.

[Mach7]

Actually....no need for a response on this one....what is done is done (or filed is filed in my case).

I am using us way to many LCUs (life credit units) worrying about this stuff..besides, if the IRS feels that i should have answered yes to this question, then i am sure they will identify it....i cannot see there being a penalty or a fine for this as i have already filled out the 8891 for 2011 and all the years past.

just needed to get this off my chest...thanks for listening to me vent.

[nelsona]

If you have an RRSP you are a holder of a grantor trust, otherwise we wouldn't have had to go thru the 3520 issue in 2003.

Mach's acct has already made enough mistakes to be completely discounted.

Johnnie-come-latelys best say nothing.

[Mach7]

nice :)