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NYS and NJ tax allocations

Customer Question

I moved out of New York State to NJ in April 2004.In January 2005, I received a 1099 for Interest earned and a 1099 for Dividends earned for the year. How much should I report on my NYS tax form IT-201? How much should I report on my NJ tax form 1040?
Submitted: 11 years ago.
Category: Tax
Expert:  marty replied 11 years ago.

If you are not planning to move back to NY and have no residence
there(NY), you are not considered a resident and therefore do NOT need
to file NY state Income tax.

If you have a New York residence as well, you will need to file form IT-203.

Your 1099 amounts would then be filed with both the IRS and NJ State Tax Department.

If this has answered your question, please reward my efforts by
clicking the "accept" button. If not, please advise me as to how I can
further assist you !!

 





Customer: replied 11 years ago.
Reply to marty's Post: I moved from NY to NJ in April 2004. I commuted for work evryday to NY until June. I am filing a part year return for NY and I am filing a part year retun for NJ. I allocated my W-2 income between NY and NJ as per the guidlines in the instructions for the NJ 1040 and the NY IT-203. The problem is that I received 1099-Div and 1099-INT at the end of the year and I do not know how to allocate the Interest and Dividends between the Two states. Do I have to allocate it among the states? Can I just include it on the NJ return since that is where I lived at the end of the year? Please advise
Expert:  marty replied 11 years ago.




The two 1099's that you recieved in January of 2005 were to report the interest and dividends paid to you in 2004. Did you NOT pay your 2004 taxes yet or did you not include these amounts on your returns ??





The "key" here is where the interest and dividends came from.

If they were not derived from a company within NY state, then no monies
need be reported to NY. If, however,the monies were recieved from a NY
company, then you would have to complete the worksheet in the
instructions for Form IT-203 .

Another question is WHEN were the monies paid ?? If the interest and
dividend were paid AFTER you left NY there is NO LIABILITY on your part
to NY, Because at that time (after June) you were no longer a resident.

Kinda' confusing, but I think you're safe filing with just the IRS and NJ. But again, It depends on "who, what and where"!

Return if you need more help...

PS.. A good test is... To WHERE were the 1099's mailed ??














Customer: replied 11 years ago.
Reply to marty's Post: I got a 1099 from a bank located in Boston, MA. Than I got a1099 From Openhiemer. Which has an address in New York City on the top of the form. What di I do?
Expert:  Sandi Hargrove, SkyHawks replied 11 years ago.

Legally the 1099 Int and 1099 Div income should be allocated to the state of residence during the time period it was accrued.


This means that if you do not have statements or other information to show how much was earned while you were a resident of NY to subtract from the whole amount(to get the NJ part), you should divide the total by 12 months and multiply by the number of months for each state of residence.


The location of your bank or your state of work will have no effect on the reporting.


You are correct in filing a part year resident form with each state.

Expert:  marty replied 11 years ago.

Since yours situation seems to be a "mixed bag", I would recomend
filing Form IT-203 and NJ1040. In the instruction book for form IT-203,
there is a work sheet (with instructions) to determine your percentage
of NY state liability. Complete that worksheet and claim the remainder
on the NJ form.

The IT-203 is available on line at www.tax.state.us.

(if this link doesn't work, just type in the "address bar" at the top or "google" for "new york state tax")

This will cover your tax liabilities for Both states, and next year(2005 returns) shoudn't be an issue.

Thank you for letting me help.... Martye

 






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