Message Font: Serif | Sans-Serif
No. of Recommendations: 0
For the first time, TurboTax is telling me I have to report foreign assets. I have a Canadian RRSP, rollover from a pension plan before I left Canada, still under $10,000, but just barely. It is a single mutual fund. I am having trouble figuring out the instructions.

I think I should be checking the box "Beneficiary of a foreign trust"... and that the account is a custodial account, not a deposit account. Does this make sense?

I don't know if the value (with fluctuations in fund value and C$ value) actually went over 10,000 USD. Is it a major crime if I get that wrong.

Then I read the thresholds that seem to imply that you are not concerned unless the assets exceed $100,000. Seems to contradict the questions about $10,000. Am I misunderstanding the threshold language?

Any help from any with experience in this would be appreciated.


Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.