The RESP is controlled by my Canadian-only wife. My daughter is dual. The daughter, received income from the RESP for school. Daughter will report the income on the 1040NR.
Does the daughter need to file a 3520?
RESP reporting
Moderator: Mark T Serbinski CA CPA
Hello,
If your daughter is a US citizen, she needs to file a 1040, not 1040NR. NR is short for "non-resident alien" (they should call the form 1040NRA)
I believe she has to file a 3520 to report being the beneficiary of a foreign trust - but I have limited experience with this part.
If your daughter is a US citizen, she needs to file a 1040, not 1040NR. NR is short for "non-resident alien" (they should call the form 1040NRA)
I believe she has to file a 3520 to report being the beneficiary of a foreign trust - but I have limited experience with this part.
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MGeorge is neither an accounting nor taxation professional.
MGeorge is neither an accounting nor taxation professional.
Thank you
That is unfortunate but not totally unexpected. But no 3520A is required as the trust is not owned by a US citizen.
Getting fancy, is it fair to say that the reporting obligation only exists while the beneficiary is getting grants and/or investment income during years 1 and 2 but not while she is getting our own contributions in years 3 and 4?
That is unfortunate but not totally unexpected. But no 3520A is required as the trust is not owned by a US citizen.
Getting fancy, is it fair to say that the reporting obligation only exists while the beneficiary is getting grants and/or investment income during years 1 and 2 but not while she is getting our own contributions in years 3 and 4?