I was recently enlightened to the fact that I should have been filing FBARs for the past 4 years. I have the necessary info and it seems straight forward, but I do have a few questions.
I see there are selections for reasons, but should a letter of explanation be included as well?
My Canadian bank account is in my maiden name, I never changed it to my married name that I use in the US. Is that going to cause a complication?
As monetary amounts are to be recorded in US dollars, do I need to try to match the rate of the exact day of my highest balance? It seems most information for past rates are in monthly quotes.
Thanks for your help!
Filing FBARs for past years
Moderator: Mark T Serbinski CA CPA
I have my own question, and I'm not an accountant, or lawyer, but did you read this page?
https://www.irs.gov/Individuals/Interna ... Procedures
https://www.irs.gov/Individuals/Interna ... Procedures
Can someone explain to me why I shouldn't use this option instead of the Streamlined procedure?
https://www.irs.gov/Individuals/Interna ... Procedures
https://www.irs.gov/Individuals/Interna ... Procedures
I have received a 1099 for my Citifund RRSP and have reported it each year that I’ve filed US taxes. I also have TD Waterhouse RRSPs. I contacted TDW and was told no 1099 was needed because the reporting was done by TD.
My problem is I have TD savings and Line of Credit accounts that have at times totaled over $10,000 that I have never reported.
My problem is I have TD savings and Line of Credit accounts that have at times totaled over $10,000 that I have never reported.
I'm asking about unreported income. That would b=prevent you from simply submitting FBARs.
Why would you have reported RRSP which is tax sheltered in US? You ignore any 1099's issued for these.
Why would you have reported RRSP which is tax sheltered in US? You ignore any 1099's issued for these.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Another problem you have created by reporting internal RRSP income as taxable on your 1040, is that, by the new RRSP rules from IRS, you can no longer shelter ANY of the internal income from that RRSP.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Once you report any undistributed income an any year, you can no longer treat the RRSP as sheltered. That was part of the new rules when 8891 was eliminated.
But if you have never reported any RRSP income, it remains sheltered without any other required paperwork.
But if you have never reported any RRSP income, it remains sheltered without any other required paperwork.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing