srr
Level 3

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)?