I am Canadian living in USA since 2008. I am resident of USA for tax purpose. In 2009 I didn't invest any money in this plan and have sold it, with loss, during the same year.
My questions:
Do I report this income on the form 3520 only? Is this taxable in USA as I already paid tax on this in Canada and didn't earn any income when withdrawn?
Is the capital loss deductible on my 1040?
Do I need to file 3520A (we did it for 2008)?
Thanks!
RESP / form 3520?
Moderator: Mark T Serbinski CA CPA
You report it as a capital aloos, and you report the fact that you withdrew it on 3520. There should be no additional tax in US.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best