Search found 4 matches

by snowbird
Tue May 04, 2021 8:41 am
Forum: Canada / United States Tax & Accounting
Topic: Need I report RESP principal withdraw in US tax?
Replies: 0
Views: 644

Need I report RESP principal withdraw in US tax?

My son went to university, we took out principal(around 15k USD, no document), and part of EAP, which has NR4 issued.
Need we report principal in tax return? If yes, which form?
by snowbird
Sun May 02, 2021 2:36 pm
Forum: Canada / United States Tax & Accounting
Topic: How student reports RESP distribution in tax return?
Replies: 0
Views: 608

How student reports RESP distribution in tax return?

My son went to university last year, he is Canadian and moved to states several years ago. We opened RESP account for him in Canada, each year we report capital gain part in 1040. We took back principal, he gets part EAP with non-resident tax deducted, NR4 form is issued. Need he report the money in...
by snowbird
Sat Mar 13, 2021 9:23 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520-A penalty relief help
Replies: 1
Views: 828

3520-A penalty relief help

We get CP-15 penalty under sec 6677 for tax year 2018, no idea what's the the cause.
It's for RESP account.
We're Canadian citizen, US GC holder.
What's the efficient way to apply penalty relief?
by snowbird
Sat Mar 13, 2021 8:43 pm
Forum: Canada / United States Tax & Accounting
Topic: How to report RESP withdraw in tax?
Replies: 0
Views: 1193

How to report RESP withdraw in tax?

We moved to states several years ago.
When in Canada, we open RESP account for my son, each year file 3520-A.
He went to university last year, we withdraw principal and first year EAP in 2020.
For EAP part, my son gets NR4.
Need we report principal as income, what form my son and we need fill?