Bank Account TFSA, IRS reporting

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stewak2
Posts: 111
Joined: Mon Sep 18, 2006 2:47 pm

Bank Account TFSA, IRS reporting

Post by stewak2 »

I understand that IRS considers a TFSA a trust, and for USC living in Canada, all the appropriate and complex forms must be filed.
Is this true even if the TFSA is just a bank account? Last year I reported it as such and reported the interest as income to IRS as I would any other Canadian Bank account.
Assuming I'm wrong, what do I do to correct this?
nelsona
Posts: 18680
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Yes, your TFSA is not a bank account, you just have chosen to have simple deposits in it, which doesn't change its characteristic.
Back file 3520
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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