reporting TFSA interest in 1040

[SergeP]

I became a US tax resident in 2022. I still did not close all my TFSA accounts because they were invested in GICs. As IRS does not recognize Canadian TFSA I have to add the interest from these GICs to 1040. What would be the best way to show this income in 1040. Obviously I do not have any T5 slips for this income and can use only my bank statements. Thank you.

[nelsona]

IRS rarely asks for proof of income. You simply report the income on Schedule B.

[ND]

"IRS rarely asks for proof of income."

Hope you're not licensed whereby subject to Circular 230 bc if you are you just made a public violation of it with that statement.

[nelsona]

Well, if you bothered to read by signature, you would know that answer.

I merely stated that they did not require any proof to be sent in and categorically stated that they needed to REPORT THE INCOME.

Keep your professional indignation for elsewhere, perhaps on your own professional website instead of someone else's.

[agrisiva]

What other American forms do you have to file in regards to TFSA in Canada? I heard there is a whole bunch of complicated forms

[Diskdoctor]

There are multiple threads on TFSAs in this forum. It's worth taking a read through some of them.

Many of us file the forms 3520/3520A as if a TFSA were a trust.

Some have made the argument it is not a trust by American tax law and therefore those forms are not required.

[formerpatriot]

My wife used to be a dual citizen (Canada-USA) living in Canada.
She had a TFSA. To keep things simple and to avoid potential problems, she invested only in GIC within her TFSA.
All interest was declared on schedule B.
We did everything in good faith, to the best of our knowledge.
Some years ago she renounced her US citizenship.
One less thing to worry about.