NY taxes for FL resident


J

Jerry

Scenario:
Retired in July 2003
All 2003 W-2 and 1099 income from NY
Established FL residency in Oct. 2003 (Car registration,
license, voting registration, home ownership)

Question:
How is taxable income for 2003 divided between NY and FL.
Interest, dividends and capital gains on investments
continue. Some interest still from NY bank accounts.

I realize tangible income for FL is as of 1/1/2004, but how
do I "prove" where the NY income stops and the FL income
starts. Will the NY bank account interest always be
considered NY state income?
 
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A

A.G. Kalman

jerry said:
Scenario:
Retired in July 2003
All 2003 W-2 and 1099 income from NY
Established FL residency in Oct. 2003 (Car registration,
license, voting registration, home ownership)

Question:
How is taxable income for 2003 divided between NY and FL.
Interest, dividends and capital gains on investments
continue. Some interest still from NY bank accounts.

I realize tangible income for FL is as of 1/1/2004, but how
do I "prove" where the NY income stops and the FL income
starts. Will the NY bank account interest always be
considered NY state income?
A couple of comments first:
This type of question is asked often on this newsgroup. You
should review and or search the newsgroup for the answer.
You can use the following url to search:
http://groups.google.com/advanced_group_search?hl=en

Secondly, the NY IT-203 income tax form for part-year and
nonresidents has your answer.
That said, here's what was posted just a few days ago.

NY, like many states, uses your federal AGI as the jumping
off point to compute a New York AGI as if you were
residents. After taking deductions, you arrive at a NY
base tax. You then compute a ratio of your "true" NY source
AGI to your federally derived NY AGI to determine how much
tax is due. Effectively, only your NY source income is
being taxed, but the tax rate is based on your income as if
you were NY residents. You need to carefully read the
instructions to the NY IT-203 Nonresident return.

Once you established FL as your residence and severed ties
to NY, your intangible income was sourced to FL. This would
include your bank account interest.

Alan
http://taxtopics.net
 

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