Form 3520 - is it required for NRA

puzon23 · Post by **puzon23** » Wed Feb 03, 2016 12:06 pm

Hi All,

I tried to decipher the language on the form instructions and it is a little unclear to me to be certain if NRA has to do form 3520.

My gut feeling tells me no but I wanted to make sure since I have a RESP account in Canada for my kids. There were no withdrawals from the account last year, just my deposits and the government portion and interest while I was still resident there before my departure.

Any clarification would be appreciated!

nelsona · Post by **nelsona** » Wed Feb 03, 2016 1:02 pm

If you qualified to file 1040NR last year then you are not bound to file 3520 for your RESP. Nor are you required to report the income generated.
However, if you still have the RESP, you will have to file 3520 and report any income in 2016, since you will be filing 1040 this year.
Hope your took care of this.

puzon23 · Post by **puzon23** » Wed Feb 03, 2016 2:01 pm

Thanks for the answer. Just to clarify. I will be filing 1040NR for 2015 so therefore as per your answer I will NOT have to file 3520 for 2015 either.

I understand that this year I will become US tax resident so I will file 1040 for 2016 next year and 3520 and other FinCEN and FBARs will come along with it.

Thank you!

nelsona · Post by **nelsona** » Wed Feb 03, 2016 3:26 pm

... and income tax.