Serbinski Accounting Firms

Thanks for the info.
Last year the beneficiary got around 4k EAP, didn’t file return as the income was treated as earned, below 12k.
If it’s unearned income, need report it.
Do you think it’s good idea to file return now for previous years？

There’s discussion last year, the answer is either way, report RESP distribution in wage line as earned income, or unearned income.
Is there conclusion now？

My broker's form lists "Currency Realized Gain" with value 2k. It's not automatically loaded in TurboTax.
Need I manually report it as taxable income?

Thanks for your reply.
I use this trust account as saving account, sometimes transfer money between my personal checking account.
Not sure if I can claim no financial interest.

The account is "my name in trust for my kid's name", balance is over 10k, below 30k USD. There's some interest income (around 50CAD) I need report. Tried to file FBAR for myself, I can't find place to put custodial account info. Part IV is not applicable, same for Part III (joint). In part...

My son cashed EAP from RESP with 15% non-resident tax withheld. We get NR4 form.
Since we pay tax for each year's income in RESP account, I don't think my son needs report EAP in tax return. Is it correct?
Where can we claim 15% tax as credit?

I have a trust account in Canadian bank with my kid's name as beneficiary(minor). It works as saving account for me.
In bank's web, it states trust account is not actual trust.
When fill 8938, I report it as custodial account, or other?

In 2020 my son was enrolled in university, we cashed in some EAP from RESP account. When prepare tax, we consulted with an accountant, he said my son need file 3520 even 3520-A is exempt by proc 2020-17, we followed his advice. Now IRS sent letter to request 3520-A to match 3520. We didn't file 3520...

Try to understand what's the criteria for "is compliant (or comes into compliance) with all requirements for filing a U.S. federal income tax return (or returns) covering the period such individual was a U.S. citizen or resident". If made some mistake in tax return, like forget to report i...