- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Hello PaulJNielsen
Thank you for reaching out.
You know that you will be filing part year resident tax returns both for Indiana and Michigan. I want to reassure you that TurboTax will make it easy for you to file you taxes for both the states.
With the change in job, it is important to make sure that your new employer is withholding enough federal taxes. Your new employer may not know how much money you made at your prior job and unless told otherwise they will assume that you had no other income than with them and this generally results in not withholding enough. Owing taxes at the tax time may be not only an unwelcome surprise but it will also cause penalties and interest. Please at the earliest review that your federal tax withholding is correct. You can use IRS Tax Withholding Estimator to help you in this.
Since you are rolling your retirement accounts, unless it is a trustee to trustee rollover, please make sure that the funds are deposited in the new account as soon as possible and definitely within 60 days. from the date you receive the distribution.
If you did not live in your home for 24 months (out of past 60 months) , any capital gains you may have may be taxable. Please review your situation and if these are taxable make sure that you are paying estimated taxes to avoid any underpayment of estimated taxes. If you live in your home for than 24 months then the capital gains you made of up to 500K (in case you are Married Filing Jointly) may be excluded.
It is important to keep proper details of your basis, please take time and keep good record of your basis in new home.
Hope this is helpful, should you have any additional or specific question, please do not hesitate to ask
**Mark the post that answers your question by clicking on "Mark as Best Answer"