My wife and I live divide our time between a home in Florida (more than 6 months) where we are now residents and one in New York State (less than 6 months). We both have pension and social security income all of which was earned when we were NYS residents. Do I need to file a NYS tax return on any of this income? Same question on any money withdrawn from an IRA.
Thanks
Charles
Hi @baumgartner-chuc . Here is what the state of NY says:
You may be subject to tax as a resident even if your domicile is not New York.
You are a New York State resident if your domicile is New York State OR:
In general, a permanent place of abode is a building or structure where a person can live that you permanently maintain and is suitable for year-round use. It does not matter whether you own it or not.
additionally: if you spent less than 184 days in NY, but more than 30 days, you would be considered a Part-Year Resident and file a NY Part-Year resident return.
NY does not tax Social Security, or most NY derived Pensions.
As far as IRA withdrawals, any non-deductible portion would be subject to tax with the following caveat:
New York State and New York City Tax Exemption:
Withdrawals from the NYCE IRA are eligible for a $20,000 annual New York State and New York City income tax exemption. This $20,000 exemption is applied against the cumulative distributions from a private employer retirement plan, a 401(k) plan, 457 plan or 403(b) plan, or other traditional IRAs. The exemption applies only to distributions taken as periodic payments to New York residents who are at least age 59½ and is in addition to the state income tax exemption for benefit payments received from the state or local employees’ public retirement systems.
I hope that helps 🙂
Dear Charles,
Hope all is well with you! You might have a filing requirement in NY since you have NY source income and a permanent place in NY. If you spend 184 days or more, you would file as a NY Resident. Please see the following link for a description of Resident, Part-Year Resident and Nonresident (https://www.tax.ny.gov/pit/file/pit_definitions.htm#nonresident).
Of course FL doesn't have an income tax filing requirement as it is considered a non-taxing state. Hope this information helps you.
Cheers,
Laura
Hi @baumgartner-chuc . Here is what the state of NY says:
You may be subject to tax as a resident even if your domicile is not New York.
You are a New York State resident if your domicile is New York State OR:
In general, a permanent place of abode is a building or structure where a person can live that you permanently maintain and is suitable for year-round use. It does not matter whether you own it or not.
additionally: if you spent less than 184 days in NY, but more than 30 days, you would be considered a Part-Year Resident and file a NY Part-Year resident return.
NY does not tax Social Security, or most NY derived Pensions.
As far as IRA withdrawals, any non-deductible portion would be subject to tax with the following caveat:
New York State and New York City Tax Exemption:
Withdrawals from the NYCE IRA are eligible for a $20,000 annual New York State and New York City income tax exemption. This $20,000 exemption is applied against the cumulative distributions from a private employer retirement plan, a 401(k) plan, 457 plan or 403(b) plan, or other traditional IRAs. The exemption applies only to distributions taken as periodic payments to New York residents who are at least age 59½ and is in addition to the state income tax exemption for benefit payments received from the state or local employees’ public retirement systems.
I hope that helps 🙂