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markh50
Level 1

Part year resident reporting interest income

I moved to Wisconsin from Nevada.  Nevada does not have personal income tax, Wisconsin does.  I have interest income from an account I have held all year.  How do I enter into turbo tax just my interest from my time in Wisconsin for my state return?

3 Replies
MarilynG1
Expert Alumni

Part year resident reporting interest income

Click this link for info on How to Allocate Income for a Part Year Resident

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Mike9241
Level 15

Part year resident reporting interest income

there are two common methods for this type of income specific allocation - the interest earned is split based on what was earned in each state while a resident the other method is to prorate the total based on number of days or months you resided in each state.

DawnC
Expert Alumni

Part year resident reporting interest income

Allocating unearned income is pretty straightforward: just allocate it to the state you were a resident of when you received it. Here are some examples:

  • You received three quarterly dividend payments while living in Arkansas, and the remaining dividend while living in Oklahoma. Allocate the first three payments to Arkansas and the last payment to Oklahoma.
  • You sold some stocks right after you moved to Iowa. Allocate the gain to Iowa.
  • You closed an interest-bearing account while still living in California, so you'd allocate 100% of the interest to California.
    • On the other hand, if the account remains open, you'd allocate the interest you earned as California resident to California, and the remainder to your new state. An easy allocation method is to divide the year's interest by 12, and then multiply the figure by the number of months you lived in each state.

How do I allocate (split) income for a part-year state return?  This link has info on allocating both earned and unearned income on part-year state returns.  

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