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!
How to report RRSP on 1040 in 2020?
Moderator: Mark T Serbinski CA CPA
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Re: How to report RRSP on 1040 in 2020?
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 When you withdraw the $ you will allocate a portion of the withdrawn amount as a return of contribution (tax free) and a portion as taxable.
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 When you withdraw the $ you will allocate a portion of the withdrawn amount as a return of contribution (tax free) and a portion as taxable.
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- Posts: 54
- Joined: Tue Jul 15, 2014 7:20 am
Re: How to report RRSP on 1040 in 2020?
Oh yeah this needs to be disclosed on FBAR
Re: How to report RRSP on 1040 in 2020?
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!
Thanks again!