Withdrawl from a Candian Register Educational Savings Plan

[bcselin]

I am a dual US/Canadian citizen.  I have a Canadian RESP (Register Educational Savings Plan) that was setup when I lived in Canada for my daughters University.   She started University in Texas in 2023.  Do I need to claim the withdrawal from the RESP on my US taxes? The RESP is treated like a Trust in the USA and I have been filing yearly form 3520&3520A for the account .  Any guidance is appreciated.

Thank you

Brent

[Anonymous_]

Note sure whether @pk can help here.

[DaveF1006]

Yes, you will need to report any earnings earned from the RESP. If the distribution included earnings from interest or dividends, this needs to reported on your US tax return. 

@bcselin 

[bcselin]

Would I only need to declare the interest, etc. and not the principle amount of the withdrawl?

Thanks

[DaveF1006]

No. You will only need to report interest or dividend earnings from the plan.

@bcselin 

[bcselin]

Thank you for response.  Am I able to claim the interest, etc. on my daughters tax return vs. mine?

[DaveF1006]

Yes, if your daughter is claimed as your dependent.