Greetings,
I am a Canadian living in the US (PR) since Jan 2005.
I have an Ontario LIRA from a former Canadian employer that from ignorance I have never reported to the IRS. neither in a 8891 nor an Fbar.
It is a roll over pension from a past Canadian employer whom i left in 1999. There have been no disbursements nor additions to the account (apart from dividend reinvestment) since that time, nor have I personally donated to the account, it is 100% employer contributions.
I've come to learn this year that I should have been reporting this account to the IRS each year, ouch.
I do not plan to remove the funds till retirement which is still several years off.
What is the best way to now come clean with the IRS?
Thank you in advance for your thoughts.
Whoops, didn't report LIRA to IRS, now what?
Moderator: Mark T Serbinski CA CPA
Great - thank you very much!
How do I determine if I'm a beneficiary or Annuitant for question 5?
I am the only person on the account - the funds were deposited by my employer in Canada - not from my earnings.
Which am I?
I think based on your suggestion to defer taxation I am the beneficiary? Annuitants are indicated to only fill out section 7a, b and 8. Section 6 is re: deferred income. I am making no contributions to this account.
How do I determine if I'm a beneficiary or Annuitant for question 5?
I am the only person on the account - the funds were deposited by my employer in Canada - not from my earnings.
Which am I?
I think based on your suggestion to defer taxation I am the beneficiary? Annuitants are indicated to only fill out section 7a, b and 8. Section 6 is re: deferred income. I am making no contributions to this account.