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Part Year Resident

If living in NC 7 months then moved to CO where do I record the income from dividends and interest? Can I just include it in return where I lived at end of year?

 

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3 Replies
BillM223
Employee Tax Expert

Part Year Resident

If you accrued the dividends and interest over the course of the year (i.e., earned them while living in one state or the other), then calculate a ratio of the time spent in NC and spent in CO (something like 7/12ths for NC and 5/12ths for CO, or .5833 and .4167), and multiply the dividends and interest by each state's ration and when the TurboTax interview asks you how much of each income item is taxable in this or that state, you enter dividend amount times one ratio or the other, as appropriate.

 

 

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Part Year Resident

Thanks, that is what I was thinking would be the case but since not really income made in a state could it all be on one return. Thanks again

BillM223
Employee Tax Expert

Part Year Resident

You made the income when it was credited to your account, not when you actually received it. Any dividends credited to your account while you lived in NC is taxable to NC.

 

 

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