Question

Canadian RRSP Reporting

Forum|Forum|1 year ago
February 15, 2025
1 reply
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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?

Not A Product Question

DaveF1006

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.

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