RESP Reporting on Form 3520A

[gandotra]

I am not sure if the Form 3520 A is necessary to be filled up and reported to IRS every year. I have been working in USA since May 2004 but maintained RESP Contributions since year 2005 for 2 kids living in Canada.

There is no income from this Foreign Trust distributed to me at this point of time and until these RESPs mature in years 2023/2024. Is it required under IRS rules to report value of RESPs each year as I find it very difficult from Annual RESP statements to find real income besides face value of RESP in that particular year.

Please clarify if the Form 3250 A is to be filled at the time of Maturity when the Principal and Earned Income goes to Kids Education or is to be reported on Annual basis?

Thanks/

[nelsona]

Undoubtedly your RESP is producing internal income (interst, dividend, etc). This is taxable every year in US.

RESPs are a foreign trust, subject to 3520 and 3520A.