Partial resident dividend and interest amounts

[S8NpTl]

I moved from MI to WA in 11/01/2022.

I received dividends & interests totaling $1000 before 11/01/2022, and $100 after. For MI portion do I take $1000 * 304 / 365 as the taxable amount for MI? Or $1000 since this is the amount I received while resident of MI?

Instructions on MI Schedule NR (Nonresident and Part-Year Resident) says: Line 6: Enter interest and dividend income. • Column B: Enter the total nonbusiness interest and dividend income you received while a Michigan resident. Enter business interest and dividend income attributable to Michigan.

This leads me to think enter $1000 which is the amount I received while a resident of Michigan. Getting some conflicting answers on the internet. 

Thank you,

[KrisD15 · Accepted solution]

The income you receive should be allocated to the state in which you were living when you received it for things like dividends and capital gains. 

For interest bearing accounts, it wouldn't necessarily be when you actually get your hands on the money rather you should use the percentage of the year since that was being earned daily.  

So in your situation, I suggest you separate the interest if possible. If that is not possible, I would allocate the full 1,000 to Michigan since you were living there when you received the income.

Here is a link to another TurboTax answer to this type of question. 

[S8NpTl]

Thanks,

In my case the interests are broken out and received in discreet dates as well, similar to dividends, and is detailed in my 1099-INT. So I can use the same methodology to allocate all the ones I received before 11/01 and only pro-rate the interest that was generated between my move date? So if I received $10 from 10/01 to 12/01, then I would allocate $10 * 30 / 61 to MI?

Thanks again!

[PattiF · Accepted solution]

Yes, if the 1099-INT details the dates the interest was issued, enter the interest for up to the date that you moved and the date after you moved. Most interest forms do not provide the dates and details to be able to divide the interest accurately.

@S8NpTl