Retirement tax questions

Yes, you are required to report your worldwide income on your US tax return.

The US government does not recognize the tax deferred status of a Registered Education Savings Plan, so distributions are taxable.

The first step is to convert the CAD to USD, using the average currency exchange rates. Click here to find your rate.

Form NR4 is reported as interest income. 

1. Open your return and select Federal on the left side menu.
2. Select Wages and Income toward the upper left.
3. Scroll down, or expand the list and find Interest and Dividends.
4. Expand that section and find Interest on 1099-INT.
5. Click on Add/ Edit to the right.
6. Select, I'll type it in myself, and click Continue.
7. For Received from, enter the name of the investment or the company.
8. Enter the amount and click continue. 
9. Answer the next question No.

The RESP distribution needs to be reported as Other Income.

1. Select Federal on the left side menu.
2. Select Income and Expenses toward upper left.
3. Expand/ scroll down the list and find the section called, Less Common Income.
4. Scroll all the way down and select Miscellaneous Income, 1099-A, 1099-C.
5. Select Other reportable income.
6. Answer the first question Yes.
7. Enter RESP distribution as the description and amount on this page, click Continue. 
8. Click through the rest of the section and finish your return.