FBAR woes

[Megnme 0]

I am filling out an FBAR (delinquent, actually, as I only recently learned I was required to), and can’t figure out where to list multiple accounts. I’m referring to Part II, line 18, which provides space for only one entry, and I have 3 different accounts to list. Also, I have RRSPs with TD and AGF. AGF sends me a 1099-Div which I include with my US taxes. I contacted TD about getting a 1099 from them and was told that banks report this info to the IRS. Does that mean I don’t include my RRSPs on the FBAR? Thanks for any help. It appears to be a very simple form, but I’m getting more confused by the minute and have a wee headache right now!

[Lynkali 163]

I am filling out an FBAR (delinquent, actually, as I only recently learned I was required to), and can’t figure out where to list multiple accounts. I’m referring to Part II, line 18, which provides space for only one entry, and I have 3 different accounts to list. Also, I have RRSPs with TD and AGF. AGF sends me a 1099-Div which I include with my US taxes. I contacted TD about getting a 1099 from them and was told that banks report this info to the IRS. Does that mean I don’t include my RRSPs on the FBAR? Thanks for any help. It appears to be a very simple form, but I’m getting more confused by the minute and have a wee headache right now!

I have no idea about the second part of your question (don't even know what RRSP etc means) but the first part I think I can help: if you're using the online FBAR form, simply choose the PLUS sign above line 15 -- that will create a NEW area to add a second account. My husband had two accounts, we simply pressed the plus sign and a whole new "Part II .... 2 of 2" section appeared. If you're filing on paper, then I don't know, but the online form will let you create new areas for multiple accounts.

Can't help with the other things since I don't even know what those acronyms are.

[Nich-Nick 3,354]

I also don't know what an RRSP is, but FBAR is a report of all foreign accounts when the total balances exceed $10k. So list every account you held in 2015 in a foreign country.

[Elf 146]

RRSP = Registered Retirement Savings Plan

This IRS guide specifically lists RRSPs as an example of financial accounts that should be included on the FBAR.

I edited this post because the guide is several years old and I was concerned that it might be outdated. There have been several changes in reporting requirements, but it seems that you are in fact still required to list RRSPs on the FBAR. This guide from a US tax lawyer appears to be as comprehensive and definitive as anyone could want (and possibly also a very useful substitute for insomnia medication )

Edited May 16, 2016 by Elf

[warlord 73]

The FBAR under Part II has multiple spaces to list all your accounts. You should see Part II 15 to 22 and then a Part II again with another line. Each of those parts with the line across is a new account. So for instance I have an RRSP - Term GIC which I list and fill out all the details for and then when I get to #23 County/Region the questions all repeat and I enter in my regular RRSP.

If you are doing it online, there are a blue + and - button to the left of "Part II Inofrmation on Financial Account(s) Owned Spearately 1 of 2. Those you would use to add another account.

And yeah back about 5 or so years ago I had to submit about 9 FBARS because I didn't realize they were required at all. They really don't like to inform you of things like that...