FBAR reporting account number change

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cat
Posts: 46
Joined: Tue May 24, 2005 1:40 pm

FBAR reporting account number change

Post by cat »

Hello,
I received an email from my employer stating that our work RRSP savings plan account number changed for security reasons.

I called the FBAR helpline to ask how I should report the account since the number changed. I was told I need to report the account twice, once with the old number, and once with the new number. However, the investment company told me the account was not closed, only the number was changed. I would think this could also cause problems on Form 8938 showing both accounts and neither closed.

I don't think one can include more information that is required, example: Account number: #xxxxx (formerly #yyyyyy).
Will it raise red flags if I just change the account number?

Any advice on this?
Thanks in advance
nelsona
Posts: 18364
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: FBAR reporting account number change

Post by nelsona »

It is safe to consider the first account as closed, for 8938 purposes, since the account number is no longer valid. There is guidance on closed accounts and its assets in the instructions for 8938.

For FBAR, you have your instruction from Treasury -- go with that.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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