Urgent help on backfile 8891 and fbar
Moderator: Mark T Serbinski CA CPA
Urgent help on backfile 8891 and fbar
We just recently found out that my husband was suppose to file form 8891 and fbar. He is a US citizen, lives in the US but works in canada. He filed all his returns, claimed all foreign income. Never had to pay any tax always got a refund. He has a locked in rrsp in canada and had no idea he was to be claiming that. That is the only foreign account he has. He never filed schedule b either. We need help to find out what we should do now. Do we just file the fbar and the 8891 for 2011, or must we go back farther, what about the schedule b so confused on this. Also he wants to take his rrsp out this year will this affect anything. Any help would be appreciated, so confused on this, but want to get it corrected asap.
This has been discussed so many times, you can easily find on this forums. See Nelsona's comments.
Here I think what you should do,
You need to back file f8891 along with f1040x (even no tax due no refund) to amend return, may be also click on Schedule B (you have offshore accounts). This should be done back to three years. Make sure you need the very first year to elect deferral tax on RRSP
File FBAR back to 6 years.
IRS has openly stated that no penalty for missing f8891 and FBAR on RRSP
Here I think what you should do,
You need to back file f8891 along with f1040x (even no tax due no refund) to amend return, may be also click on Schedule B (you have offshore accounts). This should be done back to three years. Make sure you need the very first year to elect deferral tax on RRSP
File FBAR back to 6 years.
IRS has openly stated that no penalty for missing f8891 and FBAR on RRSP