US Citizen and California resident in 2012. I closed out RRSP in 2012. I understand that in California, deferral does not mean anything for RRSP and I need to report dividends and interest on RRSP on California forms.
I was not a California resident in the years before 2012 when I had RRSP. So let's say my net gain on RRSP for the years I had it is $1000. And I only earned $50 on it in 2012.
For Fed taxes, I am reporting the full $1000 gain on form 8891. For California taxes, I am reporting the 2012 $50 in interest/dividends. That means that California never sees anything about the other $950 (since I was a Canadian resident and not a California resident when it was earned). Is that correct, that California never taxes me on the other $950? Or do I need to report RRSP distributions as well as interest/dividends to California?
Thank you.
taxation on RRSP distributions in California
Moderator: Mark T Serbinski CA CPA
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- Posts: 23
- Joined: Tue Mar 09, 2010 4:42 pm
Only the income that arose while Cali resident is taxable in cali. You will need to adjust the $1000 pension income you report federally to 0 in Cali, and report the earned income undrr its own categories (interst, dividends, etc)
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best