Please see the following statement is in the right format and order. Appreciate your help.
Statement pursuant to IRS Revenue Procedure 2002-23
I am claiming benefit of Article XVIII(7) of the US-Canada Income Tax Convention with respect to the following registered Retirement Savings Plan (RRSP):
Trustee: Bank of Montreal
1500 St. Catherin Street
Montreal, Quebec
Canada
Account Number: XXXXXXX
Balance on January 01, 2000 US$16.03 (Cd$23.25)
Pursuant to IRS Notice 2003-75, the year end balance of this account (December 31, 2000) is US$5005.97 (Cd$7158.54)
Additional information:
A contribution of Canadian dollars $7000 (US$4929.57) was made to the account on February 15th 2000 as a resident of Canada and non-resident of US from Canadian source income.
Residency starting date in the USA is June 01, 2000.
Book Value of the fund on june 01, 2000 is US$4959.27 (Cd$7091.77)
Deferred income for 2002 since US residency is US$46.70
Rev. Proc 2002-03 for RRSP
Moderator: Mark T Serbinski CA CPA
I have edited the 1 st post to reflect exact wording of the Rev. Pro. 2002-23 and giving some additional information to show why my year end balance is much larger than the begining of the year balance. Also bringing into their attention that I became a US resident in the middle of the year and calculate defered income as such (end of year book value - book value when I became a US resident)
I also have multiple RRSP plans. Rev. Pro. 2002-23 says to give seperate statements. Does it mean that I have to write seperate statement on seperate papers for each plan for the same year and staple them together and send them to IRS with 1040-X. Another question is 1040-X does not have any place to put this information. IF I send it without 1040-X what would happen? Because Rev. Pro. 2002-23 does not say to send 1040-X but merely to send a statement for the past years. What if send the statement by itself?? [?]
I also have multiple RRSP plans. Rev. Pro. 2002-23 says to give seperate statements. Does it mean that I have to write seperate statement on seperate papers for each plan for the same year and staple them together and send them to IRS with 1040-X. Another question is 1040-X does not have any place to put this information. IF I send it without 1040-X what would happen? Because Rev. Pro. 2002-23 does not say to send 1040-X but merely to send a statement for the past years. What if send the statement by itself?? [?]
Rather than rehashing your attempts, you might want to take a gander at the templates I prepared at
http://www.canadatotwincities.com/rrsp.html
They have stood the test of time.
As to submitting 1040-X, the statements (yes, one sheet for each RRSP) were to be attached to the tax return. Since you have already submitted the tax return for those years, the accepted way of submitting these is by 1040-X for each year. This is IRS' method of affecting a change to your return, which is what you are doing.
There is plenty space on 1040-X to indicate that you are submitting RP 2002-23 statements for the year in question. No need to fill in any of the line-by-line changes, since you are not reporting a change in income, credits or deductions.
<i>nelsona non grata... and non pro</i>
http://www.canadatotwincities.com/rrsp.html
They have stood the test of time.
As to submitting 1040-X, the statements (yes, one sheet for each RRSP) were to be attached to the tax return. Since you have already submitted the tax return for those years, the accepted way of submitting these is by 1040-X for each year. This is IRS' method of affecting a change to your return, which is what you are doing.
There is plenty space on 1040-X to indicate that you are submitting RP 2002-23 statements for the year in question. No need to fill in any of the line-by-line changes, since you are not reporting a change in income, credits or deductions.
<i>nelsona non grata... and non pro</i>
Thank you Nelson [:)]
The other web site you gave me was very helpful. SO I am not going to report any contribution I made in that year or any deferred income for any of the past years in those statements. Since I had no distribution or trasfer in those years, I would use the straight forward type in that web site.
Then I am only reporting the plan number, trustee, and the begining balance for each year for a RRSP. What about the residency starting date? Is it good to let them know that?
Is it OK if I send all 1040-X with statements for past 3 years in one package or I have to send in different packages to the IRS district office?
Another issue I have is I did not file schedule B in those years. I mistakenly did not report my interest income of only about $15 in part 1. But I reported the interest on line 8a of 1040. I also did not anwer any questions in Part 2. I sent them blank. But I filled out Schedule A because I used itemization.
The other web site you gave me was very helpful. SO I am not going to report any contribution I made in that year or any deferred income for any of the past years in those statements. Since I had no distribution or trasfer in those years, I would use the straight forward type in that web site.
Then I am only reporting the plan number, trustee, and the begining balance for each year for a RRSP. What about the residency starting date? Is it good to let them know that?
Is it OK if I send all 1040-X with statements for past 3 years in one package or I have to send in different packages to the IRS district office?
Another issue I have is I did not file schedule B in those years. I mistakenly did not report my interest income of only about $15 in part 1. But I reported the interest on line 8a of 1040. I also did not anwer any questions in Part 2. I sent them blank. But I filled out Schedule A because I used itemization.
-
breck moore
- Posts: 4
- Joined: Tue May 31, 2005 3:23 pm
I am filling 1040-X to send RP 2002-23. The first year I was in the US I was a dual resident. My US residency stared in August 2002. So what should I write on the 1st line?
This return is for calander year:
Should I write 2002 or from August to December 2002?
There is another option on the same line says fiscal year ended:
I don't understand this!
The instrutions for the form says if the numbers don't changes then don't write anything on line 1 thru 31. So I left them blank and went to Part III and what exactly do I write there?
The other issue is in 2002 I was single now I am married. so 1st page ask status on original return?
then on this return? Am I single or married on this return? This is confusing since I am ammending the 2002 retun. I was single then I am married now!
This return is for calander year:
Should I write 2002 or from August to December 2002?
There is another option on the same line says fiscal year ended:
I don't understand this!
The instrutions for the form says if the numbers don't changes then don't write anything on line 1 thru 31. So I left them blank and went to Part III and what exactly do I write there?
The other issue is in 2002 I was single now I am married. so 1st page ask status on original return?
then on this return? Am I single or married on this return? This is confusing since I am ammending the 2002 retun. I was single then I am married now!
Your filing status for the 2002 return doesn't change. This question applies if you had a choice in that year, and you are changing, or you had made a mistake. Nothing about your spouse should appear on the 1040-X for theyears you weren't married.
Merely indicate on the 2002 RP that you arrived in US in August. You can put the Market value on that dtae if you wish, but it doesn't matter, since BOOK value is the important thing, and RP never asks for that.
<i>nelsona non grata... and non pro</i>
Merely indicate on the 2002 RP that you arrived in US in August. You can put the Market value on that dtae if you wish, but it doesn't matter, since BOOK value is the important thing, and RP never asks for that.
<i>nelsona non grata... and non pro</i>