My_question_is: Applicable to both US and Canada
Subject: Reporting RRSPs on back US 1040 Returns
Expert: taxman at centa.com
Date: Friday April 01, 2005
Time: 12:02 PM -0800
QUESTION:
I moved to the US in 1982. I have never declared my RRSP with CIBC on any
1040 US Return. Can I now file amended returns with an attached Deferred
Letter (2002-23 or 8891) to bring me into compliance (without having to
re-file and include all the interest, dividends and capital gains from my
RRSP)?
Thank you David. (I believe we met once. I was the General Manager of a
Stuart Anderson's Black Angus you frequented.)
==================================
david ingram replies:
I do remember the Black Angus you managed and I met Start Anderson himself
in the Pocatello, Idaho Black Angus Restaurant in 1972 or 73. I remember in
particular his liking the black Lincoln convertible I was driving with BC
plates. He came looking from the driver in the restaurant and as I remember
it, bought my dinner.
The reporting rules for RRSP's did not exist in 1982. The first I remember
their rearing their ugly head was in 1989 when they issued IRS NOTICE
1989-45, which was then followed up with REV-PROC 2002-23 and then and then
and now form 8891.
The new form 8891 seems to allow you to report this year and fess up about
not reporting before. It has a question asking if you want to make the
election now if you did not in the past.
Fill them in for this year (not due until June 30th by the way) and check
off the request to start making the election.
Glad to help if you need it.
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