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luol2016
Returning Member

Need I report RESP EAP in my 1040?

I get RESP distribution(EAP) for university education, NR4 is issued, need I report it as income?

Parents are grantors, they reported RESP income and paid tax in annual return. I'm beneficiary.

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5 Replies
RobertB4444
Employee Tax Expert

Need I report RESP EAP in my 1040?

You report any amount greater than your education expenses as income.

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luol2016
Returning Member

Need I report RESP EAP in my 1040?

I get 9k in EAP, tuition is around 20k per year.

So I needn't report it?

RobertB4444
Employee Tax Expert

Need I report RESP EAP in my 1040?

No.  You don't need to report it.  You should enter the amounts on the 1098-T from the university so that you report the tuition that you paid and the scholarships that you received and no one expects you to report more.

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luol2016
Returning Member

Need I report RESP EAP in my 1040?

Thanks for the info. Do you mean I need enter the RESP EAP NR4 amount in 1098-T? 

What to do with the university in Canada which can't issue 1098-T? 

Does the expense include room and meal?

 

RobertB4444
Employee Tax Expert

Need I report RESP EAP in my 1040?

Nope.  Didn't know it was a Canadian University.  You're off the hook, don't report anything.

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