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I live in Massachusetts and my companys headquarters in also

I live in Massachusetts and...
I live in Massachusetts and my company's headquarters in also in Massachusetts. My company requires me to report to them any days I work in New York State and they report it to them. The % of days I work in NY are then attached to stock options and bonuses and I pay that to NY based on that. I get credited in Massachusetts. Is that legal?
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Answered in 15 minutes by:
9/1/2013
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,283
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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NPVAdvisor :

Hi, yes that's correct.

NPVAdvisor :

When filing state taxes, MOST states have a credit for taxes paid to another state.

NPVAdvisor :

This is what keeps you from being taxed twice, on the same income, at the state level

NPVAdvisor :

Let me know if you have further questions

NPVAdvisor :

Lane

Ask Your Own Tax Question

Hi Geno.

... just checking back in HERE, as I never saw you come into the chat.


But when you do your taxes (or have them done) you'll see that the way this ends up is you get a credit from your home state, and end up only really being out of pocket for the taxes in the higher state.

Let me know if you have further questions at all.

Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,283
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
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Thanks Much!

Let me know if you have more questions on this.

Lane
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,283
13,283 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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