Reporting 8891 late - international

My husband and I have been married for 7 years. He is a Canadian
citizen with a green card and he has been living in the US all
this time.   He has made no contributions or withdrawls to his
rrsp accounts since coming to the US.  We assumed that the income
was tax deferred until withdrawls begin.  We use Turbotax to file
returns and there is nothing in Turbotax on this subject.  Of
course our 2005 tax is already filed.  Today I was looking around
on the internet and I discovered Form 8891 which is supposed to
be filed with 2005 taxes.  Apparently this is how you elect to
defer taxes to withdrawl.  Note we have been reporting to the US
Treasury every year on the appropriate form.  So we have the
following questions:
Should we file an ammended return with the IRS for 2005 and
attach these 8891 documents?
What should we do about the previous years?  It is my
understanding that this reporting requirement started with the
2002 tax year. Is that true?  IF so can we file amended returns
for 2002, 03, 04?  Can we use form 8891 even though it was not
available during those previous years.
My husband does not have data on the accounts for the earlier
years as he recently shredded old paperwork.  Should we invent
some reasonable profit/loss figures for each of the 7 accounts?
I would appreciate it if you would respond to  xxxx  which is my
husband's email at home and also copy my work email address which
is  xxxx
Thanks so much,
david ingram replies
The reporting of the internal earnings of an RRSP has been
required since REV-PROC 89-45 came out in 1989.  There have been
three major changes to the reporting rules since then with the
latest in April 2005 when form 8891 came out.
If you look at the form, it gives you a chance to fall in line
and start reporting and claiming the exemption for the first time
for the 2005 tax year.
Fill in the form and mail it to the IRS with a 1040X -  There
will be no changes to the 1040, just the addition of a form .
Congratulations on filing the T DF 90-22.1 forms - most people do
not look at the bottom of Schedule B where the question is asked.
Of course the second part of the same area is  where you find the
instructions for dealing with the RRSP which is a foreign trust.
Thankfully, the 8891 replaces the 3520 which can take a couple of
hours to complete.
Do yourselves a favour as well.  Keep all of your old RRSP and
investment and tax papers for ever.  particularly when you are a
green card holder in the USA.
And get your husband to take out his US citizenship soon.
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa
US / Canada Real Estate Specialists
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