Hello @christinet94 , sounds like you have been very busy this past year!    State issues are very common and confusing, I totally understand that this has created quite a challenging situation for you!    Sourcing income from states typically requires you to file nonresident state tax returns with the states you derive income from but are not considered a resident. Each state is different as far as their reporting requirements, so I would suggest looking at the rules for each of the states you are traveling to/from to determine your reporting requirements and filing status as resident, part-year resident or non-resident.   There are many conditions, such as the number of days you are in the state and the amount of income you derive from the state. For example, in California, you will be presumed to be a California resident for any taxable year in which you spend more than nine months in this state, along with your state of domicile (MO). Here is a link to California's residency rules for the 2020 filing year:   https://www.ftb.ca.gov/forms/2020/2020-1031-publication.pdf   Even though you may not have been in MO for most of the year, you may be technically considered domiciled in that state, therefore you most likely will need to file a resident return.    Per the California domicile rules:    The term “domicile” has a special legal definition that is not the same as residence. While many states consider domicile and residence to be the same, California makes a distinction and views them as two separate concepts, even though they may often overlap. For instance, you may be domiciled in California but not be a California resident or you may be domiciled in another state but be a California resident for income tax purposes. Domicile is defined for tax purposes as the place where you voluntarily establish yourself and family, not merely for a special or limited purpose, but with a present intention of making it your true, fixed, permanent home and principal establishment. It is the place where, whenever you are absent, you intend to return. The maintenance of a marital abode in California is a significant factor in establishing domicile in California.   In order to grant some relief for paying double taxes, there are also multiple states that offer an "other state tax" credit, meaning that you can claim a credit for taxes you pay in another state if you are a resident of the state(s).   In regards to filing separately, there are other consequences that may affect your tax return that you should take into consideration before doing so.  I suggest once the 2021 TurboTax software becomes available creating a separate account for yourself to assess the impact of filing MFJ or MFS.    I hope this answers your questions! I would suggest speaking to a tax expert for your specific situation. Please feel free to reach out with further clarification! ... View more

Hello DG, great question! RSUs are a wonderful way to build equity!   In regards to the taxation of RSUs, they are taxed once the shares have been "received" (vested). Prior to vesting, there are no tax consequences. Once you have vested and received the shares, you are taxed as ordinary income on your W-2, which becomes your basis in the shares.  You have compensation income subject to federal and employment tax (Social Security and Medicare) and any state and local tax. Once you sell the shares, you have a capital gain/loss recognition.    For example, let's say that you have been granted 1,000 shares that have been vested. The market value of the shares are $10 per share, so you have a taxable event of $10,000 that will show up on your W-2, taxed as if it is normal compensation (subject to income taxes and Social Security/Medicare taxes & any state related taxes). If you turn around and sell the shares the following day for $12 per share, your total proceeds will be $12,000. Your gain will be the proceeds less the basis, $2,000 ($12,000 proceeds less your basis of $10,000 that you were taxed on at the time of vesting).   I hope this answers your questions!  ... View more

Hello EdA-141, that is a great question, and congratulations on the new venture!    Estimated tax payments should take into consideration all of your income, including foreign sourced income. In order to estimate your taxes, TurboTax has a wonderful calculator where you can input your information and see what your tax liability will be for the given tax year:    https://turbotax.intuit.com/tax-tools/calculators/taxcaster/   Generally, most taxpayers will avoid an underpayment penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.  You can read more about this on the IRS' website:    https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes   ... View more