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L
LaughTrack
March 17, 2025
Solved

Canadian RRSP Reporting

  • March 17, 2025
  • 1 reply
  • 0 views

I have a Canadian RRSP in which I have made no contributions this year nor withdrawn anything.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

Best answer by DaveF1006

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.


No, reporting this in Part V is sufficient.

1 reply

D
DianeW777
March 17, 2025

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.

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) 
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L
LaughTrackAuthor
March 21, 2025

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

L
LaughTrackAuthor
March 24, 2025

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.

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