turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

laitres
New Member

Canadian RRSP Reporting

I have been reporting my RRSP on my US Tax forms for 30 years.  I have 3 different RRSP account numbers with the same Canadian bank.  This year I changed investments within the account but never took a distribution.  The account I changed was added to one of my other accounts.  This will add the total of this account to one of my others and make the one account number go away.  How will I report this on form 8938 this year.  I do not want to check the box that says  I removed money from this account because it was just transferred.  Any ideas?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DaveF1006
Employee Tax Expert

Canadian RRSP Reporting

I would go ahead and report the two accounts on your 8938. If you are concerned about that this information doesn't match last year's 8938, i don't think this will be an issue, especially if your total account balances are the same or nearly the same from last year. You do not need to check the box that says I removed money from this account.

 

If you receive a letter from IRS or the Financial Crimes network, just explain they consolidated one of your accounts and you were advised by a Tax Advisor from Turbo Tax to report in this manner. Again though, i don't think you will be contacted.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question