topic Annuity payment distribution when moving in State tax filing

Annuity payment distribution when moving

Concensio — Sat, 20 Mar 2021 15:50:38 GMT

I retired from NJ and moved to PA in September. While in PA, i received my annual annuity payment from an inherited annuity. Turbotax has me file the amount under the state I lived in when receiving the payment. Please advise as to how to post this. Should I prorate the amount 25% PA and 75% NJ or just leave the total amount in PA as income. Doesn't make much difference in total tax paid, just want to do it correctly. Thank you for your kind assistance.

Re: Annuity payment distribution when moving

TomD8 — Sat, 20 Mar 2021 16:21:02 GMT

TurboTax is doing it correctly. Annuity income is taxable by your state of residence at the time you receive it, and you should allocate the income accordingly.

Re: Annuity payment distribution when moving

Concensio — Sat, 20 Mar 2021 16:29:35 GMT

Thank you for your guidance, I really appreciate your help and assistance. Have a great day!