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Does an US resident with RRSP rollover need to file any IRS form for the 2018 tax year?
I'm a US resident with RRSP account in Canada. If I rollover my RRSP from one Canadian institution to another Canadian institution, then do I need to file any IRS form? If the answer is yes, then what IRS form do I need to use?
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Deductions & credits
No, there is no reporting necessary to the IRS for an RRSP rollover. In 2014 the IRS dropped Form 8891 that Canadians needed to file to get a tax deferral on their earnings.
Under this change, many Americans and Canadians with registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) now automatically qualify for tax deferral similar to that available to participants in U.S. individual retirement accounts (IRAs) and 401(k) plans. In general, U.S. citizens and resident aliens qualify for this special treatment as long as they filed and continue to file U.S. returns for any year they held an interest in an RRSP or RRIF and include any distributions as income on their U.S. returns.
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In Turbo Tax under Federal Taxes -> Wages & Income, when I check the "I received a distribution or a loan from a foreign trust" option in the "Tell Us About Any Foreign Trusts, Select any that applied to you for 2018:" page. Turbo Tax displays "You May Need to File Form 3520"
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You may need to file an FBAR and a Form 8938. <a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements">https://www.irs.gov/bu...>
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