How to deal with 8891 for year 2007

borncanuck · Post by **borncanuck** » Fri Apr 11, 2008 10:50 am

I am a Canadian in the U.S on a TN visa. I filed 1040 in 2006. I filed 8891 form for my RRSP account. I am just about done with 2007 tax return. However I realzed that there is another account (< 1000 dollars). It is provided by employer and I had completely forgotten about it. I have never received any distribution on either account since I opened them.
I plan on filing 1040X for 2006 to correct this. Could someone please provide which option is better for filing taxes for 2007?

OPTION 1: Simply ignore this second RRSP account for now and file ONE 8891 form for the same account I filed in 2006 AND later file 1040X for 2006 and 2007?

OPTION 2: File 8891 for this second account (say NO for line 6a and check line 6c) AND later file 1040X for 2006 and 2007?

Is there an OPTION 3?

Whether it is Option 1 or 2, it seems 1040X for 2007 will be needed. Next question is, how soon after 1040 filing (which I will do by the 15th) can 1040X be filed?

Thanks.

nelsona · Post by **nelsona** » Fri Apr 11, 2008 11:19 am

The 8891s need to be filed by August. I send mine in after I get my refund.

Given that you have not filed one foe 2006, why the concern about deadlines? I would amend 2006 immdiately, and say 2006 was the first year to elect.

Is the account you mention really an RRSP or is it a pension plan? Pension plans don't need 8891.

borncanuck · Post by **borncanuck** » Fri Apr 11, 2008 11:56 am

It is an RRSP through employer where employer provided matching funds up to some percentage. I had changed jobs (and addresses) few times since the account was opened and I never called the fund company with my updated address until couple of days ago when I remembered I had that account.

When you send your 8891 after filing 1040, do you file a 1040X with 8891? Where does it say 8891 is not due till August?

Thanks.

nelsona · Post by **nelsona** » Fri Apr 11, 2008 12:14 pm

I've explained this elsewhere.

borncanuck · Post by **borncanuck** » Fri Apr 18, 2008 5:02 pm

I filed my 2007 taxes using Turbo Tax. I received an email from Turbo Tax saying my federal Tax return has been "Accepted". I owed some tax to IRS which I opted to pay through direct debit from my checking account. I can see that IRS has debited my account to that effect. Does this mean my 2007 return has been processed by IRS?
Can I now send 1040X to amend my 2007 return to include 8891 forms? Or do I have to wait longer?
Thanks.

nelsona · Post by **nelsona** » Sat Apr 19, 2008 10:08 am

You can do it now or October, you choice.

borncanuck · Post by **borncanuck** » Sat Apr 19, 2008 4:37 pm

Nelsona,
You had mentioned before that 8891 are due in August. In your most recent post, you said now or October. I guess I do not understand why August or October. Any ideas? Thanks.

nelsona · Post by **nelsona** » Sat Apr 19, 2008 10:12 pm

8891 must be timely filed, including extensions. Since extensions are now automatically 6 months instead of 4 -- its Ovctober.

Still waiting??