RESP and EAP funds for US schooling - Do I or my son need to file 3520 or 3520A?

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

RESP and EAP funds for US schooling - Do I or my son need to file 3520 or 3520A?

Post by complete »

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.
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nelsona
Posts: 18697
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: RESP and EAP funds for US schooling - Do I or my son need to file 3520 or 3520A?

Post by nelsona »

neither of you need file those forms.
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
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snowbird
Posts: 30
Joined: Sat Mar 13, 2021 8:37 pm

Re: RESP and EAP funds for US schooling - Do I or my son need to file 3520 or 3520A?

Post by snowbird »

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.
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