Florida Resident Now

[bf253]

Nov 16, 2022

My wife and I just became FL residents.

Should we notify our Pension company to stop taking out CT Income taxes?

[DavidT0202]

Hi @bf253 

Congratulations on your move.  Moving to FL will save you on income taxes.   You should inform your Pension company of your move ASAP.   That way you can avoid paying more taxes in CT.  

When you file your tax return you will file as a part year resident for CT and be able to not claim any money received once you have moved to Florida. 

Thank you for using TurboTax!  

[bf253]

Thanks David

Continuing the conversation, do you see any need to move all my banking to FL?

We have banking accounts in both CT and FL and a new mortgage on our residence in FL.

Personally, we like our bank in CT.

[DavidT0202]

Where you keep your money does not matter.  I as well bank out of state for a better rate on my money. 

Keeping your Bank in CT will have no tax consequences.