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posted Feb 27, 2021 9:32:50 AM

Allocation of income for SC partial year residence

I moved to SC from SD in January 2020.  All my income is from investments.  Turbotax applied 100% of my 2020 investment income to SD (prior state of residence) which has no state income tax.  This approach resulted in no SC state income tax for 2020 since all income went to SD, even though I lived in SC for the last 11 ½ months of the year and my investment income was earned throughout the calendar year.  I'm not complaining about the result (no state taxes for 2020), but it just doesn't seem like SC will agree with Turbotax that none of the 2020 investment income should apply to SC.

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Level 15
Feb 27, 2021 9:44:51 AM

Unearned income is allocated to your state of residence at the time you received it.  See this TurboTax help reference about allocating income:  How do I allocate (split) income for a part-year s... (intuit.com)