8891 Never Filed

nelsona · Post by **nelsona** » Tue May 15, 2007 7:54 am

Not very good news. generally, the IRS accepts such back-filing. I do not know why they would not in your case.

However, I would point out that for 2001,2 and 3, you probably should not have used form 8891, but rather a free-from statemnet which would comply with Rev proc 2002-23. That may be the issue here.

By the way, rev proc 2002-23, allowed for back filing of the election, so I do not know why they would say that the election must now be 'timely.'

The only year in which it was VERY importnat to file the statement in a timely fashion was 2003, as that was the year that they started tying RRSPs to the foreign trust reporting rules (Form 3520).

You might want to dig out a copy of Rev Proc 2002-23, and go to http://www.canadatotwincities.com/rrsp.html for some examples on filing these.

icbusiness · Post by **icbusiness** » Fri Oct 12, 2007 3:08 pm

When you provide the Balancr at Dec 31 - do you convert RRSP year end balance with avg exhange rate for the year OR rate for the end of December

nelsona · Post by **nelsona** » Fri Oct 12, 2007 3:11 pm

How's your packing coming?

The year-end balance is expressed in year-end US$, thus last day exchange rate.