2948828
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

snowingbird
Returning Member

How to report RESP EAP in tax return?

We moved from Canada to US, opened RESP account for kid before.

Last year she went to university, takes EAP from RESP account and get NR4 form.

Not clear how to report it, the info in web is confusing. See 3 kinds answer, which one should I follow?

 

report as earned income in wage line

report as other income(unearned)

report in 1098-T as grant/scholarship, but not report as income.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DaveF1006
Expert Alumni

How to report RESP EAP in tax return?

You would enter this as unearned income on your return and then claim a foreign tax credit for the foreign taxes that were paid. To enter the income go to:

 

  1. Open your return in TurboTax 
  2. Click on Wages & Income 
  3. Scroll down to All Income 
  4. Scroll down to Less Common Income 
  5. Scroll down to Miscellaneous Income, 1099-A, 1099-C 
  6. Click start 
  7. Scroll down to Other reportable income 
  8. Enter description and amount  Here you wou list EAP from RESP and then the amount of the income.

  

To receive credit for the foreign taxes paid.

 

  1. Go to federal
  2. Click on Deductions & Credits
  3. Scroll down to Estimates and Other Taxes Paid\
  4.  Select foreign taxes
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question