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Live in NJ, work in NY where does my dividend, interest, and capital losses/gains get allocated

I live in NJ, but work in NY so where does my dividend, interest and capital losses/gains get allocated?

 

In my non-resident NY form there is a section for: "Nonresident other allocations". In it I have my dividend, interest, and capital losses. It's asking to set a "New York Source Portion". Should I set all of these to 0 and then it'll get automatically allocated to New Jersey which is where I lived?

 

Also, it asked "Allocated Income based on Business". I put Yes and gave the reason: "RESIDE IN NJ, SO DIVIDEND, INTEREST, & CAPITAL GAINS/LOSS BEING ALLOCATED THERE". Is this valid?

 

Screenshot below with my Federal Income numbers removed for privacy reasons.  

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1 Best answer

Accepted Solutions
HopeS
Expert Alumni

Live in NJ, work in NY where does my dividend, interest, and capital losses/gains get allocated

If you worked in NY all year, all your wages were earned in New York state.  You will get a credit in NJ for taxes withheld in NY so you won't be double taxed. Nothing else is taxable to NY since you are a New Jersey resident.  

Therefore, allocate Zero for dividends, interest, etc since all should be sourced to NJ.

 

@juliorevka 

 

 

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1 Reply
HopeS
Expert Alumni

Live in NJ, work in NY where does my dividend, interest, and capital losses/gains get allocated

If you worked in NY all year, all your wages were earned in New York state.  You will get a credit in NJ for taxes withheld in NY so you won't be double taxed. Nothing else is taxable to NY since you are a New Jersey resident.  

Therefore, allocate Zero for dividends, interest, etc since all should be sourced to NJ.

 

@juliorevka 

 

 

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