how to report NR4 form with income code 24 (RESP) in TurboTax for US tax filing

[askqt]

How to report NR4 form with income code 24 (RESP) in TurboTax for US tax filing? including income and tax withheld amounts.

[JohnB5677]

Income code 24 is a Registered education savings plan.

To post the NR-4:

• Federal Taxes (top of the program)
• Select Wages & Income
• Scroll to Retirement Plans and Social Security
• Select Social Security (SSA-1099, RRB-1099)
• Check Start or Revisit

The TurboTax interview will guide you through entering your NR4.

To enter any foreign tax you already paid to Canada, follow these steps:

• Select  Deductions & Credits
• Scroll to  Estimates and Other Taxes Paid 
• Select Foreign Taxes 

Enter the amounts on your NR4 converted to U.S. dollars as of the transaction date. 

Please click this link for historical conversion rates:   

[askqt]

Thank you for your quick response.  This is not retirement income, then Why I need to go to Retirement section to report it?

[JohnB5677]

Please clarify what the income is for.

[askqt]

Income code 24   RESP,  not RRSP. 

education savings plan not retirement plan

[JulieS]

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.

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.