Any forms outside of 3520/3520A that my son or I need to file for RESP

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complete
Posts: 23
Joined: Wed Mar 04, 2015 12:02 pm

Any forms outside of 3520/3520A that my son or I need to file for RESP

Post by complete »

My son entered college this year and he used in some of his RESP and EAPs (Education Assistance Payments) that I had built up for him over the years when we lived in Canada.
All funds were used for a US school.
We live and only report income in the US.
Based on replies in this forum neither he nor I will need to file any 3520 or 3520A (if I am mistaken please correct me).
Beyond the normal filing of 'unrealized' income from any remaining RESPs on my 1040 do I need to file anything special (beyond regular tax forms) to account for the RESP usage?
Thanks in advance.
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Any forms outside of 3520/3520A that my son or I need to file for RESP

Post by nelsona »

These would be part of your FBAR filings for both of you.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
complete
Posts: 23
Joined: Wed Mar 04, 2015 12:02 pm

Re: Any forms outside of 3520/3520A that my son or I need to file for RESP

Post by complete »

I have always filed the FBAR which includes the RESPs for which I am the owner and he is a beneficiary.
Is an FBAR filing required by my son, as the beneficiary, if the amount of RESP is >10000?
My thoughts are that it wouldn't be required by him since he only has access to these funds through me, and I already file the FBAR.
Does it make any difference if my son is 17 versus 18 years old, or if he has never filed income tax due to never earning income?
Thanks in advance.
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Any forms outside of 3520/3520A that my son or I need to file for RESP

Post by nelsona »

FBAR is required if one has signing authority or access to the funds. I;ll let you figure the particular details of that account. If it is FBAR eligible, one of you would report it as a joint account, with the other's info in FBAR.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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