RESP forfeiture - Where to report on US taxes

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complete
Posts: 4
Joined: Wed Mar 04, 2015 12:02 pm

RESP forfeiture - Where to report on US taxes

Post by complete »

I have been paying taxes on the yearly interest in my kid's RESPs ever since I moved to the US. I have always calculated the interest as the total of 'income on principal' + 'income on grants'. In 2020 I decided to close 1 RESP account (I have 4). There was a total forfeiture amount that included the enrollment fees + principal income + grant income + Canadian Education Savings Grants + Provincial Education Savings Incentive. There was only a letter sent at the time of closure but no 1099-INT or other tax form was ever sent for the closed RESP (I didnt really expect one).
I have been paying interest on the full amounts for years.
My question is - how do I account for the total forfeiture?
Do I simply add it to the schedule 1 1040 line 17+22 Penalty on early withdrawal of savings AND to 1040 10a (even though I never got any official tax document)?
Any assistance is greatly appreciated.
nelsona
Posts: 16788
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: RESP forfeiture - Where to report on US taxes

Post by nelsona »

That would seem to be the appropriate place, since it is indeed forfeited.

Realize that any foreign income/deduction is almost never going to come with an IRS form.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D
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