FBAR and 8891 backfiling
Moderator: Mark T Serbinski CA CPA
FBAR and 8891 backfiling
Does anyone have recent experience with backfiling FBARS and 8891s? I noticed some amnesty for those with no additional income to report until September 9, 2011. Of Course, I just became aware of this requirement a week ago and couldn't get all my paperwork together. I have 6 years of 1040X (to amend Schedule B questions), 8891 and TDF 90-22.1 in front of me to send in and am nervous about penalties. Again, no income generated just the RRSP growth which should be tax deferred once I get in my 8891s.
RRSPs and forms 8891, 3520, and 1040 sched. B line 8
I am hoping someone can clarify this:
When did 8891s come into use? 2004?
How do they work? If one is filed at some point, does it date back to the date of creation of the RRSP, or what? (If they do not backdate to accruals/contributions made in a pre-election year, what happens then?)
And, is an RRSP always in a trust such that an RRSP owner will always have to check 'yes' on schedule B line 8? Or, does the exclusion of RRSP holders from those who have to file 3520s mean that the correct answer to sched. B line 8 is 'no'?
When did 8891s come into use? 2004?
How do they work? If one is filed at some point, does it date back to the date of creation of the RRSP, or what? (If they do not backdate to accruals/contributions made in a pre-election year, what happens then?)
And, is an RRSP always in a trust such that an RRSP owner will always have to check 'yes' on schedule B line 8? Or, does the exclusion of RRSP holders from those who have to file 3520s mean that the correct answer to sched. B line 8 is 'no'?