I have to file two state returns this year due to a move. Turbo Tax is bringing over two different amounts, under wages, from my federal return. Moving from Virginia to Arizona. My major concern is a IRA withdrawal I made right before the move for a down payment on my current residence in AZ. Can I choose which state the withdrawal falls under? I understand the wages/earnings (W2) will be allocated between both states however my IRA since it was a one time withdrawal I would prefer to allocate the full amount under AZ. Can I do this?
You'll need to sign in or create an account to connect with an expert.
A follow up to my question here is a question about when I can claim legal residency in AZ. Can I go by the date I closed on the property which is also the date I connected utilities to the property. Or do I have to go by the date I physically moved into the property which is a month later.
In most cases, there is not decisive date that you become a resident of your new state- it is a process when you are relocating. As long as your IRA withdrawal is relatively close to the time of the move, I do not think you would have an issue- with the caveat, that you want to make sure you are fairly consistent with the assignment of the income.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ym914502
New Member
theogreen
New Member
sara-malmstrom1102
New Member
dholt1
New Member
elliebutler27
New Member