How to report RESP principal withdraw in US tax return?

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snowbird
Posts: 29
Joined: Sat Mar 13, 2021 8:37 pm

How to report RESP principal withdraw in US tax return?

Post by snowbird »

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?
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: How to report RESP principal withdraw in US tax return?

Post by nelsona »

An RESP is an ordinary account in US, so report any income that the account generates while you are a US taxpayer, including any triggered by selling investments. Whether you withdraw funds or not.
Report interest dividends and gains where they would be reported on 1040 (schedule B and D)
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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