My son entered college this year and we cashed in some of his RESP and EAPs (Education Assistance Payments).
All funds were used for school.
I didn't submit any 3520 or 3520A for 2021 after the new rules but wasn't sure if withdrawals were excluded also.
Do I ( as the owner of the RESP ) or he ( as the recipient of the RESP funds ) need to file any 3520 or 3520A for when we do our 2021 income tax?
Thanks in advance.
RESP and EAP funds for US schooling - Do I or my son need to file 3520 or 3520A?
Moderator: Mark T Serbinski CA CPA
Re: RESP and EAP funds for US schooling - Do I or my son need to file 3520 or 3520A?
neither of you need file those forms.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: RESP and EAP funds for US schooling - Do I or my son need to file 3520 or 3520A?
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.
> 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.