Reporting RRSP gains in California

mkg · Post by **mkg** » Tue Mar 19, 2013 4:05 am

I have read many articles and notes on this subject. The information posted on this forum has been very useful. But, I still have couple of questions...

I have two RRSP accounts (one Locked-in). I am a resident of California now. I have reported RRSP gains on Schedule CA(540) for California. But, it seems that TurboTax may not be reporting these gains correctly.

I have done no trading on my RRSP accounts after moving to California. Also, I have not taken any money out.

I hold multiple mutual funds in this account. At end of the year, all the gains/losses/changes are reported on five different lines:

1. Interest
2. Dividends
3. Managed Fund Distributions
4. Other distributions
5. Change in market value

I know that #1 should be reported on line 8 and #2 should be reported on line 9.

I am not sure how should I report #3 and #4. Also, should #5 be reported somewhere? Again, I did not do any trading on these accounts. These distributions are given by the mutual funds (managed) at end of the year.

Thanks again. This forum has been very helpful.

MG

nelsona · Post by **nelsona** » Tue Mar 19, 2013 5:20 am

Change in market value is not income -- until you trigger the gain by selling the investment, or trading it for another.

Don't forget that you must still file form 8891 federally to report your RRSPs, and to exempt any income tax if you so choose.

mkg · Post by **mkg** » Tue Mar 19, 2013 10:23 am

Thanks netsona on how to deal with #5 (in my original post).

How should I report #3 and #4 (distributions w/o trading) from the managed mutual funds?
Thanks.

nelsona · Post by **nelsona** » Tue Mar 19, 2013 12:21 pm

distributions from mutual funds are classified as cap gains, dividends and interest. Your mutual fund company can tell you what each one was.