Reporting RRSP

[geekinfinity]

I know this topics has been discussed before but the last thread seems to be 6 months ago so I thought I will ask again since the rules may have changed.

My situation: Became a us resident (income tax purpose) in 1998. I honestly did not know I have to make an explicit election to defer the taxation on interests via tax treaty. I thought it is automatic.
(Stupid me.) The interests and dividends accumulated over the years is about $4,000.

I can see a couple of options.

1) Send in a 1040 X with the election and claiming the cumulative amount of $4,000.

2) Write a separate letter to the IRS admitting own stupidity and claim the $4,000 over the past years and take whatever penalty that the IRS dishes out.

I really would like to talk to a tax consultant familar with this situation before I go forward. I am in the Detroit area. Can anybody recommend someone in Detroit? Serbinski is in Chicago. I don't really want to drive to Chicago or is this simple enough that the advice can be given over the phone.

Thanks.

Ed.

[geekinfinity]

Sorry. I did not realize that question similar to mine has been answered under 8891. I will go read them now. If I have questions, I will post it there. Sorry again.

However, I am still interested whether anybody know a good tax consultant in the Detroit area.

Thank you.