Hello,
I have inherited in 2004 money from My mother. I put the money in a canadian account therefore now I have an account with more than 10,000 (us)
Questions:
DO I declare I have inherited money? Where do I do that (which tax form)?
Do I have to fill out a form TD F90-22.1?
While reading various info I was not clear whether you needed to be US citizen or being a Resident was suffisant to required to fill this out. So as a US RESIDENT -- Candian citizen Do I need to fill this form out?
Now why browsing on your site I also noticed a NEW FORM for RRSP form 8891 IS THIS form only for those that get money out of their RRSP?
Do I need to declare these RRSP on the F90-22.1? or is this just for account ? I never did as this is the firts time I see this as I was trying to find info on teh inheritance money.
Should I request an extension to sort that out? Where shodul I go to get all those answers?
Very last minute filer
Inheritance money -Canadian citizen US resident
Moderator: Mark T Serbinski CA CPA
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by mfheb</i>
Hello,
I have inherited in 2004 money from My mother. I put the money in a canadian account therefore now I have an account with more than 10,000 (us)
Questions:
DO I declare I have inherited money? Where do I do that (which tax form)?
Do I have to fill out a form TD F90-22.1?
While reading various info I was not clear whether you needed to be US citizen or being a Resident was suffisant to required to fill this out. So as a US RESIDENT -- Candian citizen Do I need to fill this form out?
Now why browsing on your site I also noticed a NEW FORM for RRSP form 8891 IS THIS form only for those that get money out of their RRSP?
Do I need to declare these RRSP on the F90-22.1? or is this just for account ? I never did as this is the firts time I see this as I was trying to find info on teh inheritance money.
Should I request an extension to sort that out? Where shodul I go to get all those answers?
Very last minute filer
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
You don't have to declare the gift. It doesn't meet the reporting threshhold in the 3520 instructions.
Yes to the TD form.
The 8891 is for any US resident (or citizen) who owns a RRIF/RRSP during the year.
If the maximum combined value of your foreign (ie non-US) accounts exceeded $10,000 during 2004, you must then report ALL of the accounts on the TD forms. So, it's not just $10,000 for one account, you must total all of them. Foreign accounts include RRSP, investment, bank accounts, etc.
Check out the IRS website for the forms and instructions.
CRH
Hello,
I have inherited in 2004 money from My mother. I put the money in a canadian account therefore now I have an account with more than 10,000 (us)
Questions:
DO I declare I have inherited money? Where do I do that (which tax form)?
Do I have to fill out a form TD F90-22.1?
While reading various info I was not clear whether you needed to be US citizen or being a Resident was suffisant to required to fill this out. So as a US RESIDENT -- Candian citizen Do I need to fill this form out?
Now why browsing on your site I also noticed a NEW FORM for RRSP form 8891 IS THIS form only for those that get money out of their RRSP?
Do I need to declare these RRSP on the F90-22.1? or is this just for account ? I never did as this is the firts time I see this as I was trying to find info on teh inheritance money.
Should I request an extension to sort that out? Where shodul I go to get all those answers?
Very last minute filer
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
You don't have to declare the gift. It doesn't meet the reporting threshhold in the 3520 instructions.
Yes to the TD form.
The 8891 is for any US resident (or citizen) who owns a RRIF/RRSP during the year.
If the maximum combined value of your foreign (ie non-US) accounts exceeded $10,000 during 2004, you must then report ALL of the accounts on the TD forms. So, it's not just $10,000 for one account, you must total all of them. Foreign accounts include RRSP, investment, bank accounts, etc.
Check out the IRS website for the forms and instructions.
CRH
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by mfheb</i>
Thank you.
Do I need to fill in a 8891 IN Addition of the TD form?
Where can I find the 8891 form? I did not find it on the IRS.gov web site nor in the Turbotax software I am using.
Very late filer
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I've re-read my post. Was I not clear? Please re-read my post.
Re the IRS site: are you telling me that when you put 8891 in the "Search For" box, and choose "Forms & Publications" in the "within" box, that Form 8891 doesn't appear as the first on the list???
You did do that, right?
Or, if that is too difficult, how about trying "8891 irs" as your search in google? What happens when you do that?
Sorry if I'm a little grumpy at this time of year. I must expect too much of people.
Nelson, I believe I'm starting to join you on the "dark side".
/crh
Thank you.
Do I need to fill in a 8891 IN Addition of the TD form?
Where can I find the 8891 form? I did not find it on the IRS.gov web site nor in the Turbotax software I am using.
Very late filer
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I've re-read my post. Was I not clear? Please re-read my post.
Re the IRS site: are you telling me that when you put 8891 in the "Search For" box, and choose "Forms & Publications" in the "within" box, that Form 8891 doesn't appear as the first on the list???
You did do that, right?
Or, if that is too difficult, how about trying "8891 irs" as your search in google? What happens when you do that?
Sorry if I'm a little grumpy at this time of year. I must expect too much of people.
Nelson, I believe I'm starting to join you on the "dark side".
/crh