TD F 90-22.1 and 8891 back filing

Expat21 · Post by **Expat21** » Mon Mar 17, 2008 11:18 am

I am a single Canadian expat residing in the US. I just learned yesterday about form 8891. I went through the posts and here is what I think I should do:

1. File TD F 90-22.1 with my 1040 for 2007 (bank accounts >10K), but not for any previous year.

2. File 8891 with my 1040 for 2007. I will also need to file 8891 for 2005 and 2006 with 1040X. 2005 will be the first time I filed 8891 on my 2007 form.

3. In 2007 I rolled over a RRSP from one firm to another (no distribution to me, all stayed into my RRSP account). Do I need to report the (now closed) account on TD F 90-22.1 for 2007, or just file 8891 and mention that it was rolled over?

Thanks for your help.

nelsona · Post by **nelsona** » Mon Mar 17, 2008 11:27 am

1. Include ALL accounts that you held during the year including any RRSPs (closed or open).
2. Correct
3. You need to report both RRSPs on different 8891s. For OLD You will indicate the year-end value on 1 as ZERO. and note on the Form that it is closed. For NEW, you can include a note that it is a transfer form OLD.
You need to report OLD and NEW as I mentionned in #1.

mel0526 · Post by **mel0526** » Mon Mar 17, 2008 2:46 pm

Hi,

I have question related with that post.

If I have REER from previous year but I didn't touch them or added to them for 2007 year do I have to fill 8891?
If I understand well I have to send TD F 90-22.1 for each of my bank account in Canada? But not with the Tax report (I read that on the form)?

Thanks,

dmendel · Post by **dmendel** » Mon Mar 17, 2008 8:04 pm

The TD F 90-22.1 is not sent with your 1040 -- it is sent separately to the US Treasury in Detroit.

nelsona · Post by **nelsona** » Tue Mar 18, 2008 5:36 am

ALL RRSPs require an 8891 EVERY year

nelsona · Post by **nelsona** » Tue Mar 18, 2008 5:37 am

... and you combine all accounts including bank and RRSP on ONE TD form.

dalek · Post by **dalek** » Sat Apr 05, 2008 8:18 pm

This is the perfect thread for me. Thanks for the good clarification. I have one more question on how to file the 1040X/8891 for previous years (in my case 2005 and 2006 tax years) - can I/should I file my 2007 1040/TDF/8891 AND my previous years' 1040X and 8891s in the same package or separate them all? I don't know if the IRS cares how this is done.

Thanks!

nelsona · Post by **nelsona** » Sat Apr 05, 2008 9:23 pm

I believe you should not send anything unrelated along with your current tax return.