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Level 2
posted Mar 20, 2021 8:50:38 AM

Annuity payment distribution when moving

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.  

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1 Best answer
Level 2
Mar 20, 2021 9:29:35 AM

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

2 Replies
Level 15
Mar 20, 2021 9:21:02 AM

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.

Level 2
Mar 20, 2021 9:29:35 AM

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