As a dual Canada-U.S. citizen, how does Yvonne report income from RESPs for her U.S. taxes?
Q.
I am a Canadian-U.S. dual citizen who lives in Canada.
I wish to contribute to a registered education savings plan (RESP) for my two children who are also dual citizens who live in Canada.
Although RESPs are non-taxable for my Canadian filing, the U.S.
Internal Revenue Service (IRS) requires that I declare the RESP and pay U.S. taxes on the RESP income.
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