Search found 23 matches

by complete
Tue Apr 05, 2022 9:56 am
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

I responded on a similar thread but posting it here. With the changes to the forms 3520 and classification I don't see this money as being from a trust. Same for fellowship/scholarship grants - I'm not sure this applies. This is simply money saved for school and used for school expenses, like a 529 ...
by complete
Tue Apr 05, 2022 9:54 am
Forum: Canada / United States Tax & Accounting
Topic: Does my child need to file taxes if they received form NR4 for their RESP but have no other income
Replies: 6
Views: 2618

Re: Does my child need to file taxes if they received form NR4 for their RESP but have no other income

With the changes to the forms 3520 and classification I don't see this money as being from a trust. Same for fellowship/scholarship grants - I'm not sure this applies. This is simply money saved for school and used for school expenses, like a 529 Plan. That said, I am not sure. According to Nelsona ...
by complete
Fri Apr 01, 2022 12:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

Thank you Nelsona! So if that the case, as long as the NR4 RESP payment, along with any other sources of income, amount to >$12550 then an income tax filing is required, correct? If this NR4, and other income, is less than the $12550 then no 1040 would be required by him and he wouldn't need to show...
by complete
Fri Apr 01, 2022 11:35 am
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

Thank you. What type of income would he classify this as in the US? Its an NR4 income code 24 for RESP. Would he classify this as interest that goes on a 1099-INT? If not, what would be an appropriate classification of this passive income received? Also since its a foreign education plan I assume th...
by complete
Thu Mar 31, 2022 5:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

Can anyone confirm my approach mentioned that this NR4 for an RESP does not need to be reported on US taxes for the parent or child given that the RESP is a school savings plan and the funds were used for schooling expenses.
by complete
Wed Mar 30, 2022 1:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Need my son report RESP EAP in tax return?
Replies: 20
Views: 10483

Re: Need my son report RESP EAP in tax return?

I just noticed this thread. I posted a similar question. I'm thinking that the NR4 with code 24 doesn't need to be reported on the child's or the parents returns as long as it has been used for qualified school expenses and as long as it has been classified as a 'grantor trust' and taxes have been p...
by complete
Wed Mar 30, 2022 1:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my child need to file taxes if they received form NR4 for their RESP but have no other income
Replies: 6
Views: 2618

Re: Does my child need to file taxes if they received form NR4 for their RESP but have no other income

I should have mentioned that the code is 24 - Registered Education Savings Plan. We have always seen this as a grantor trust and paid yearly taxes on it. I would think that this income isn't required to be reported since it is for qualified education expenses. Just looking for confirmation on the ab...
by complete
Wed Mar 30, 2022 12:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Does my child need to file taxes if they received form NR4 for their RESP but have no other income
Replies: 6
Views: 2618

Does my child need to file taxes if they received form NR4 for their RESP but have no other income

My 18 year old son didn't earn much income in 2021 (<$1000). They are a full time student at a school in the US and we all now live in the US and are citizens here. We originally are from Canada and have some RESPs. We used one of the RESPs for university costs in 2021. Grants and taxes were removed...
by complete
Tue Feb 15, 2022 4:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 needed for Canadian RESPs and RRSPs?
Replies: 4
Views: 1759

Form 8938 needed for Canadian RESPs and RRSPs?

According to the Form 8938 rule, I am required to file 8938 if the aggregate value of foreign accounts was greater than 150000 at any time of the year or greater than 100k at the end of the year (I am filing married jointly). Do these aggregate values include both Canadian RRSPs and Canadian RESPs? ...
by complete
Fri Jan 28, 2022 4:05 pm
Forum: Canada / United States Tax & Accounting
Topic: How to answer the question on Schedule B for RESP - about distribution from or whether a grantor of foreign trust
Replies: 8
Views: 3541

How to answer the question on Schedule B for RESP - about distribution from or whether a grantor of foreign trust

On the Schedule B there is a question around whether I received a distribution from, or was the grantor of, or transferor to, a foreign trust. I used to answer Yes to this questions in the past since I have RESPs for my children in Canada. Do I now need to answer NO to this question given last year'...
by complete
Sat Jan 08, 2022 3:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Any forms outside of 3520/3520A that my son or I need to file for RESP
Replies: 3
Views: 1201

Re: Any forms outside of 3520/3520A that my son or I need to file for RESP

I have always filed the FBAR which includes the RESPs for which I am the owner and he is a beneficiary. Is an FBAR filing required by my son, as the beneficiary, if the amount of RESP is >10000? My thoughts are that it wouldn't be required by him since he only has access to these funds through me, a...