Canadian RRSP Reporting

[LaughTrack]

I have a Canadian RRSP in which I have made no contributions this year nor withdrawn anything.

TurboTax doesn't tell me if I need report this or not but I think I may.

What do I need to do?   Form 8938?   If so, it is not clear how to fill this out or submit it since I file electronically.

[DianeW777]

It depends. Unless an exception applies, you must file Form 8938 if you are a specified person that has an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold.

• IRS Instructions for Form 8938 (see the reporting thresholds and specified individuals)

If you find you need to report this, then follow the steps  to add  and complete the form.

• Search (upper right) > type 8938 > Click the Jump to... link (or in TurboTax Online click the first FAQ below search and select Go to 8938) 

[LaughTrack]

Thanks, but I'm still confused.  Since these are Canadian RRSP assets, I have no Tax reporting from the provider nor do I have any income from these assets in 2024.   In Turbo Tax's question for 8938 when I enter zero in to all the categories of income, I just get booted as if I have have completed the form.   I know from another section of TurboTax that specifies Canadian RSSP's that I have no current tax obligation.

It looks like I just need to ignore Turbo Tax and complete the form on my own as I have no income to report in Part III though I can report SOME of the information in part V.   Example:  I have no idea what the maximum value was of the assets during the year as I do not have any reporting on that.  I know only the value of the assets at the beginning of the year and at year end.

Help, please

[LaughTrack]

The Step-By-Step part of the Program was useless as I had no income in Part III to report.   I did, however, go directly to the form and was able to complete it competently, I hope, in filling out Part V of 8938 which was OK with the fact that I had nothing to report in Part III.    Unless there was something wrong with my download, this needs revision in TurboTax.

[DaveF1006 · Accepted solution]

No, reporting this in Part V is sufficient.