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Get your taxes done using TurboTax
Thanks for your info.
First, we want to be sure the EAP is earned or unearned income?If it’s earned income and below 12k, no need file federal tax.
Someone said this money is to pay tuition, put it in 1098-T as grant/scholarship, if the amount is less than tuition, it’s non taxable.
Also, I’m confused for dual tax. RESP is not tax deferral, we report income and pay tax every year. EAP is growth part, already taxed. Why beneficiary need report again for tax?
March 12, 2023
8:35 PM