Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
dianesegerstrom
New Member

If I work in MN and live in WI, then take a cash distribution from my MN company's ESOP, is this distribution taxable in both states or just MN or just WI?

 
1 Best answer

Accepted Solutions
TomD8
Level 15

If I work in MN and live in WI, then take a cash distribution from my MN company's ESOP, is this distribution taxable in both states or just MN or just WI?

Definitely taxable by your resident state of WI, which can tax ALL your income.

Probably also taxable by MN, since you earned the ESOP distribution in MN.  See this MN reference:

https://www.revenue.state.mn.us/individuals/individ_income/Pages/How_Nonresident_Income_is_Taxed_by_...

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

View solution in original post

1 Reply
TomD8
Level 15

If I work in MN and live in WI, then take a cash distribution from my MN company's ESOP, is this distribution taxable in both states or just MN or just WI?

Definitely taxable by your resident state of WI, which can tax ALL your income.

Probably also taxable by MN, since you earned the ESOP distribution in MN.  See this MN reference:

https://www.revenue.state.mn.us/individuals/individ_income/Pages/How_Nonresident_Income_is_Taxed_by_...

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
Dynamic AdsDynamic Ads
Privacy Settings
v