8938

walsh · Post by **walsh** » Wed Oct 10, 2012 3:27 am

I have RRSP account in Canada. I filed FBAR and now I am filing 8891 with my 2011 tax return. I heard 8938 is also needed. Is that true?

walsh · Post by **walsh** » Wed Oct 10, 2012 4:04 am

Okay, I think I need to file it but just check the 3520 box in part IV. But what about Canadian checking account? Do I have to report it in 3520?

walsh · Post by **walsh** » Wed Oct 10, 2012 4:22 am

I have a joint Canadian checking account with my mother, do I have to report it in 8938. I already include it in FBAR.

nelsona · Post by **nelsona** » Wed Oct 10, 2012 7:59 am

3520/8891 is only for RRSP.
Whether ypu need 8938 depends on value of your foreign accounts.

walsh · Post by **walsh** » Wed Oct 10, 2012 2:48 pm

I see they have 100K for year end and 150K for the highest point of the year for married filing jointly. Is that apply to the combination of all foreign accounts?
For example: RRSP > 150K, but a joint checking account of 5K. Do I need to list out my checking account in 8938?

nelsona · Post by **nelsona** » Wed Oct 10, 2012 3:16 pm

Of course.

Mach7 · Post by **Mach7** » Wed Oct 10, 2012 3:17 pm

I am not sure on this one...but what i did was place all accounts on the 8938, even if the account only had a couple of hundred dollars in it, since my cumulative accounts put me in the reporting threshold

I did not, however, place my principle residence on this form as some individuals did because the instructions say not too...and i also did not list my RRSP (as i just checked off the box for 3520 form scince i filed an 8891) as per the 8938 instructions.

My advice is....if you are not sure, tabulate it on the form anyway.

nelsona · Post by **nelsona** » Wed Oct 10, 2012 4:47 pm

Mach, your situation is not like the walsh's.

RRSP does not go on the form (3520-reported), but is part of the total, and if the total exceeds the threshold, all accounts go on.

House is a differnt story, but not part of this discussion.

Mach7 · Post by **Mach7** » Wed Oct 10, 2012 5:19 pm

Nelsona, but you do agree that as per the IRS instructions a personal residence (house) does not get listed on form?

Assuming the personal residence is a straight forward owned by the individual.

nelsona · Post by **nelsona** » Wed Oct 10, 2012 6:15 pm

that has been discussed elsewhere

skoper · Post by **skoper** » Thu Oct 03, 2013 10:05 pm

Is 3520/8891 also for LIRAs?

nelsona · Post by **nelsona** » Fri Oct 04, 2013 8:38 am

LIRA's are locke-in RRSPs, so, yes, 8891 must be filed, and you take credit for this filing on 8938.

nanic · Post by **nanic** » Fri Oct 04, 2013 9:33 am

Walsh, I assume you live in the US. Otherwise the threshold for maried filing jointly is $400,000 and $600,000