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Returning Member
posted Apr 6, 2022 4:52:36 PM

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.

0 5 862
5 Replies
Expert Alumni
Apr 6, 2022 4:58:49 PM

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

Returning Member
Apr 6, 2022 5:00:11 PM

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

So I needn't report it?

Expert Alumni
Apr 6, 2022 5:06:50 PM

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.

Returning Member
Apr 6, 2022 5:11:49 PM

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?

 

Expert Alumni
Apr 6, 2022 5:42:04 PM

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