I move from Texas to Pennsylvania in September 2020. do I need to allocate my investment income ? All interest and dividends are coming from money I I earn in Texas
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Q. Do I need to allocate my investment income ?
A. Yes.
You allocate by where you lived when the income was received. Interest and dividend payments received after the move (even if re-invested) are PA income. If you sold an investment and realized a gain; the gain is allocated to the state you lived in at the time of the sale.
Thanks
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