How to report RRSP on 1040 in 2020?

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Cangrad
Posts: 14
Joined: Thu Feb 23, 2012 10:46 pm

How to report RRSP on 1040 in 2020?

Post by Cangrad »

I am a U.S. citizen living & working in Canada and filing Canadian resident taxes.  In 2020, I opened an RRSP.  How do I handle reporting this plan on my U.S. taxes, especially considering the recent IRS guidance of Rev. Proc. 2020-17, issued in March 2020"? 

1. Can I, and if so, should I deduct my contributions to this RRSP from the foreign earned income I report on my 1040? 
 
2.  Does this RRSP need to be reported on 1040 Schedule B Part III # 8 as a foreign trust to which I transferred funds?

3.  Do I need to file Form 8833 to justify the way I'm reporting my RRSP ?

4.  Other than Form 8938 which I don't qualify to file yet, are there any other forms I need to file with regard to this account, or anything else important I should know? 

Thank you, in advance, for any guidance you can provide!
Bubba Gums
Posts: 50
Joined: Tue Jul 15, 2014 7:20 am

Re: How to report RRSP on 1040 in 2020?

Post by Bubba Gums »

1) No

2) Yes

3) I do, You may not need to.

4) You need to keep track of your contributions, which are post-tax for the US. When you withdraw the $ you will allocate a portion of the withdrawn amount as a return of contribution (tax free) and a portion as taxable.
Bubba Gums
Posts: 50
Joined: Tue Jul 15, 2014 7:20 am

Re: How to report RRSP on 1040 in 2020?

Post by Bubba Gums »

Oh yeah this needs to be disclosed on FBAR
Cangrad
Posts: 14
Joined: Thu Feb 23, 2012 10:46 pm

Re: How to report RRSP on 1040 in 2020?

Post by Cangrad »

Thanks so much for your responses, Bubba Gums! I really hope I don't need to file Form 8833 with regard to my RRSP because I have absolutely no idea of how to properly complete the form. Can you tell me why you have chosen to file this form if there is not a requirement to do so?

Thanks again!
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