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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3210
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I have lived in California about 20 years, but I'm Canadian

Customer Question

I have lived in California about 20 years, but I'm Canadian and have some small Canadian retirement accounts (RRSP). Since I do not receive any income from these accounts i did not realize they needed to be reported. However, recently I was informed that interest on RRSP's needs to be reported as income in California. I am assuming I will need to file amended returns. How many years back would I need to file?
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.
Welcome to Just Answer. My name is ***** ***** it will be my pleasure to assist you with your tax question today.
You are correct that California does not follow the IRS's treatment of allowing taxation of earnings in an RRSP to be deferred until the time of distribution.
My best advice would be to amend your last three years of tax returns for California, and if you are notified to amend additional years, you can then do so.
You probably already know this, but you do have a REPORTING requirement for the RRSPs--Form 8938 and FBAR. The following link contains excellent information regarding the REPORTING requirements which were revised in October, 2014.
http://ustaxhelp.com/2015/01/new-irs-reporting-requirements-for-rrsp-account-holders/
Please let me know if you require further information or clarification.
Thank you and best regards,
Barb
Expert:  Barbara replied 1 year ago.
Just following up with you to see if you have any other questions. If so, please come back to me here at your convenience, and I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me.
Best regards,
Barb