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My son cashed out EAP from RESP account, get NR4 slip with non-resident tax withdrawal.
By discussion, I know he needn't file 3520.
Need he report EAP in 1040 tax return?

cqhg wrote: > calvin_g wrote: > > cqhg, thank you! I saved that number in case I need to use it in the future. The > form > > 843 took a year and multiple phone calls with them. A lot of nasty letters from > the > > collection department during the process. How did you find out that number? > > > > ...

nelsona wrote:
> neither of you need file those forms.

I see 3520A waive needs 3 conditions
US residence
full tax compliance
report RESP income in tax

What's exact meaning of "full tax compliance"? Thanks.

I closed one Canadian account last month, they sent me a cheque.
I didn't deposit cheque yet, how to report this part of money in 2021 FBAR?

I cashed all the money in RESP account and close it.
I put principal in my bank account, EAP is given to my kid.
By proc 2020-17, 3520-A is not needed. Please correct me if I'm wrong.
Need my kid file 3520?

It just stated under sec 6677 fail to file form 3520-A, no detail reason.
How you get the case solved, by appeal letter, or form 843?

I search in web, many links say RRSP need file form 8938 and FBAR. In IRS page, it said "Foreign financial account for which you have signature authority" / "no, unless you otherwise have an interest in the account as described before". I understand RRSP is account with signature...

I went through tax report with my husband. He has a Canadian chequing account with his own name, no transaction since moving to states a few years ago. Balance is around 2k. It's reported in 8938 and FBAR for year 2020, but not in previous years. Is it serious problem, does it impact full tax compli...

I’m GC holder.
When prepare tax for year 2019, I didn’t know proc 2020-17 was released, still filed 3520A for RESP.
IRS sent me letter to inquire some info at end of last year, I replied and mailed back corrected form.
Today I get CP15 for penalty, what to do？

My family lives in US now.
I'll cash out RESP principal while EAP remains in account, need I report principal in next year's tax return?
If yes, which form?

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?

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...

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?

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?