turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

HoleinOne
New Member

I am confused about my Maine taxes. I became a Maine resident in April, but most of my income comes from non-Maine sources, ie; TX Retirement, Dividends, how do I figure?

My dividends are not from a Maine source, how do I divide non-resident from resident income?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

I am confused about my Maine taxes. I became a Maine resident in April, but most of my income comes from non-Maine sources, ie; TX Retirement, Dividends, how do I figure?

After you have fully filled in every scrap of income in the Federal section....you will need to go thru the Former state's, and Maine's "Part-Year" tax return Q&A.  You should be able to "allocate" what $$ you received while you were a resident in each state.

________

Note: that all dividends and interest you received yourself, or into your accounts, after you moved to Maine is considered Maine sourced income.

....all Retirement $$ you received yourself, or into your accounts, after you moved to Maine is considered Maine income.

.......all stock, bond capital gains, or capital gains distributions from mutual funds that you received yourself, or into your accounts, after you moved to Maine is considered Maine sourced income.

____

Likewise for the former state...only the $$ you received yourself, or into your accounts, before you moved to Maine.

 

_____

......makes little to no difference what state the bank or brokerage is located in, all the investment income belongs to the state you actually lived in at the time you lived in that state.  Same thing for 1099-R $$ from retirement pensions, 401k's, or IRAs.......those $$ may have to be divided up/allocated according to what state you lived in at the time the $$ were distributed.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
MaryK4
Expert Alumni

I am confused about my Maine taxes. I became a Maine resident in April, but most of my income comes from non-Maine sources, ie; TX Retirement, Dividends, how do I figure?

First, make sure you enter the information in the Personal Info section and the beginning of the Maine state tax interview.  Be sure to enter the correct information and dates of residency.  If you continue in the Maine taxes, you will see the screen below, and here is where you can allocate the income between Maine and Texas.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I am confused about my Maine taxes. I became a Maine resident in April, but most of my income comes from non-Maine sources, ie; TX Retirement, Dividends, how do I figure?

Ohhh.....Texas was the former state? so only the ME part-year tax return to do.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question