8891 FBAR question

Atlaas02se · Post by **Atlaas02se** » Sat Jun 02, 2012 10:32 am

I have used an accountant to file US tax, including declaring Canada incomes and filing FBAR, all these years. However, I just realized that the 8891s for RRSP were never filed and the RRSPs were never declared on the FBAR all these years.

Is it better to back-file the 8891 with 1040X for the last 6 years and amend the FBAR for the last 6 years or is it better to get a private letter ruling to file late 8891?

Who could do this and can this be done across state line (as I am losing faith in tax preparers around here)?

JGCA · Post by **JGCA** » Sat Jun 02, 2012 4:04 pm

Just do an amendment for the 104ox last 6 yearas with 8891 and Amend the FBAR filings too, for current year the FBAR may not need to be amended its due June 30th unless it was already filed.

nelsona · Post by **nelsona** » Sat Jun 02, 2012 11:13 pm

Don't bother with PLR, it is expensive overkill

JGCA · Post by **JGCA** » Sun Jun 03, 2012 9:07 am

Agreed, lawyers are promoting this as a scare tactic to drum up business.

tobeagoodman · Post by **tobeagoodman** » Sun Jun 03, 2012 9:24 am

[quote="JGCA"]Just do an amendment for the 104ox last 6 yearas with 8891 and Amend the FBAR filings too, for current year the FBAR may not need to be amended its due June 30th unless it was already filed.[/quote]

Hi, GGCA,

I am in a similar sitution in that my accountant did not report all my RRSPs and only reported one but the number is wrong, and did not file FBAR at all.

Is the 1040x a must to fix 8891 issues even if I do not owe a penny? Can I just back file 8891 for all years? thanks a lot!

JGCA · Post by **JGCA** » Sun Jun 03, 2012 10:25 am

FORM 8891 is a form that is produced in conjunction with the 1040 form so you have to file a 1040x to complete teh 8891 filind, the FBAR form is seperate it is mailed to Detroit before June 30th of the current year for the preceeding year in question. However if you are going to file the TDF 9--22.1 form you should have indicated on the 1040 Part 3 line 7a of the investment income schedule that you did have signing authority in a foreign account. So file teh 1040x with teh 8891, check off the correct box in Part 111, and file the FBAR. Remember form 8891 only came out I believe in 2008 prior to that we filed under proceedure letter wuth the same information so prior to 2008 there is no 8891.

tobeagoodman · Post by **tobeagoodman** » Sun Jun 03, 2012 3:40 pm

JGCA, thank you very much for your detailed instruction!

I have now understood the steps for fixing my 8891 and TD form issues. Just for your info, I have just checked and found out that my accountant filed 8891 for me for 2007 so it started in 2007.

Thanks and best regards!

tobeagoodman · Post by **tobeagoodman** » Sun Jun 03, 2012 3:51 pm

JGCA, one more question please,

Besided the personal information and the part III in 1040x, shall I also need to fill in the other portions, i.e. "Income and Deductions", "Tax Liability", "Payments"? Even if I fill the other portions, they are the same as before and need to be only copied from my previous years return.

Thank you so much!

JGCA · Post by **JGCA** » Sun Jun 03, 2012 4:25 pm

I assume you are talking about the 1040x mechanics, you need only fill in on the 1040x only amounts that you want to correct if all esle is teh same you do not re-enter this again.

tobeagoodman · Post by **tobeagoodman** » Sun Jun 03, 2012 9:06 pm

Hi, JGCA,

Yes, I am talking about 1040x.

Thank you so much :D