Anonymous
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Get your taxes done using TurboTax

Hello shelbertz62,

Thank you for participating in the Ask the Experts Event. If I understand your questions correctly, you rolled over money from your 401k to an IRA and then wired money from your IRA to a title company. If that is the case, then it will be taxed as ordinary income but you will not be hit with the early withdrawal penalty because you are older than 59 1/2. 

 

With your state taxes, you will need to file as part-year residents in both states in the year of the move. For future years, it will depend on how each state taxes your income in regards to remote work. For either scenario, you will need to allocate your income for where it was earned while in each state, but you will not be double-taxed on that income. TurboTax is very good at walking you through the steps for these types of scenarios and you can always get Live help if you need it.

 

I hope that helps.