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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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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.
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.
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