Form 8891 and TD F 90-22.1

[U3Brutus]

I am about to mail my 1040 for year 2005. I thought I was done with everything when I realized TWO things which I was completely unaware of.
I am a Canadian citizen who moved to U.S in March 2005. For 2005, I am a Resident Alien

1. I hold RRSP accounts in Canada. I just found about 8891. At this time I do not have necessary information to fill 8891. I want to file my 1040 (Oct 16th is last day). What sort of penalties will I have to pay for not filing 8891 on time. Can I file 8891 with 1040-X later?

2. I just found out about TD F 90-22.1 form. I have not filed that by the June 30 due date. If I file now, so late, realistically what kind of penalties am I looking at? I mean, it is scary when I read on IRS website, they are talking about tens of thousands of dollars of fine. Is the penalty really intended to get common people like you and I?

3. Has anyone filed TD F 90-22.1 late and got into trouble?

Thanks.
Thanks.

[U3Brutus]

I received "Return of Capital" of $900 Canadian which I am thinking is non-taxable and does not have to be reported. I am hoping to check "No" , on 1040 schedule B, Part III Foreign Accounts and Trusts - Line 8.
If I check "Yes" then they are talking about 3520 form and large penalties.

Any advice? Any ideas?

Does this ever end? Sseriously, this is the first time I am filing U.S taxes and it is not funny!

Thanks.

Murali

[U3Brutus]

Sorry..for posting three in a row...I am kind of desperate to finish my return.
I forgot to mention - I received "Return of Capital" from a popular Canadian mutual fund company and the fund is classified as Income Trust Fund. I am not sure if it is same as a "Trust" as defined by IRS and I am afraid if this will trigger filing 3520...

Thanks.

[nelsona]

I'm not favourably swayed by pleas of thsoe who are submitting their taxes 6 MONTHS late.

I'm curious as to how you get 10/16 as your filing date, since the standard extension is 4 months, or August 15t.

In any event, you have to file 8891 an TD form, so do it. Surely you have all the info need to do these, if you have your year-end RRSP statements. What more info do you need.

Indeed, you have a foreign trust. Your fund co, should be able to help you with 3520. 3520 doesn't have to be sent with your return (it should have been sent BEFORE our return, anyways).

[U3Brutus]

I take full responsibility for not doing these ahead of time...back at the beginning of the year. 2005 was my first year of tax filing in the U.S and I really did not expect so many forms will be needed.

For the first time, in 2005, people got 6 month extension (versus 4 month as it had been). So Oct 16th is the due date.

Actually I do not have year end RRSP statements for 2005. But I sure can get them in few days....but obviously after the 10/16 date. That is the reason I was asking about filing 8891 with 1040-X.