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Get your taxes done using TurboTax
The two documents are very useful; thanks.
For California:
MY CPA told me to report the realized earnings each year but not the unrealized gains for California .
When I take a distribution do i report the GAIN portion of the distribution and subtract the earnings I had declared to CA (ie FTB) in the past. According to the two PDS, RRSP distributions are not taxed in CA - but i assume that is if i had declared the unrealized gains each year.
For Federal
Q. Does Federal tax the whole distribution or only the gain portion of the distribution? Since i got no tax advantage from USA IRA when I contributed to RRSP in Canada shouldn't i be taxed only on the gain (as with traditional IRA)?
3 weeks ago