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Level 2
posted Mar 17, 2024 4:17:28 PM

Attributing net interest income in NJ vs. NY

I live in NY and work in NJ, but am partially hybrid (so sometimes work in NY).  My company has split the allocation so that it is 66% in NJ and 33% in NY, so I am creating my NJ non-resident return first indicating that 2/3 of my income is attributable to NJ, and 1/3 to NY.

There is a section in TurboTax about attributing "net interest income" to NJ vs. NY.  How should I do that allocation?  100% to NY, or 2/3 to NJ and 1/3 to NY?

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1 Best answer
Level 15
Mar 17, 2024 4:55:06 PM

Interest income from banks or from investments is always treated as being from the state that you live in. It has nothing to do with how your W-2 wages are allocated. You should allocate the interest 100% to New York.

 

1 Replies
Level 15
Mar 17, 2024 4:55:06 PM

Interest income from banks or from investments is always treated as being from the state that you live in. It has nothing to do with how your W-2 wages are allocated. You should allocate the interest 100% to New York.