I am a Canadian who worked in the US for 15 years (TN and H1 only) until a recent and permanent move back to Canada this summer. I am filling out Form 1040X in order to submit Form 8891 for the years 2005-2010. For Line 6a on the 2005 return, I assume I need to indicate NO for any previous election and then check Line 6c that I am making an election to defer US tax. For subsequent 8891 forms (years 2006-2010), I would then put YES on Line 6a and add the year 2005 to Line 6b? Is there any chance I need to put 2011 on Line 6b because I am filling out these forms this year?
When I defer those taxes by taking the election, will I need to pay US tax on the distributions of my Canadian RRSPs years from now?
Form 8891 and Line 6 clarification
Moderator: Mark T Serbinski CA CPA
Your original option was correct, the 2005 is the year you first make the election.
Not unless you are a US resident at that time.
I assume you have determined that you are not considered a "Long Time Resident", per IRS Pub 519? Even those without GC's can be classified as such, requiring expatriation tax. There are many exceptions, just make sure of one of them.
Not unless you are a US resident at that time.
I assume you have determined that you are not considered a "Long Time Resident", per IRS Pub 519? Even those without GC's can be classified as such, requiring expatriation tax. There are many exceptions, just make sure of one of them.
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