Living In One State While Working In Another State - Will You Be Double-Taxed?!
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- เผยแพร่เมื่อ 13 ก.ค. 2024
- In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial discusses the state income tax implications of living in one state while working in another.
IMPORTANT: The information presented in this video is not tax advice, tax analysis, or legal advice, and it should not be construed as either of these. Consult with a qualified tax and/or legal adviser prior to acting on any of the information presented in this video.
Efros Financial is a Los Angeles-based CPA firm providing financial planning and tax preparation/resolution services.
Visit Efros Financial online -- we're here to help! www.efrosfinancial.com/
Questions? Please feel free to reach out at (323) 531-3500 or info@efrosfinancial.com.
I think that they should reevaluate this tax situation because more and more jobs are now remote.
Who is "they"?
This is the best explained video, thanks. I googled it and it was so confusing and you made it so simple. File both non-resident and resident state.
Thank you for watching and for your kind words! :D
Thank you so much for this! This is the only video I've seen that really explains it well. :)
Florida is the sunshine state, not California. Cali is the Golden State.
California is the failing state
OMG!! Then everything ELSE he said in the video must be WRONG!!😵💣💥
9 states have more annual sunshine than FL. Cali has more sunshine annually than FL
@Health4Performance I trust you are correct, and I appreciate your comment. I do not deny that Florida probably does not get the most annual Sunshine. However, the state motto of Florida is "The Sunshine State", and the State motto of California is "The Golden State". Once again, I respect your comment and your integrity as a person on the internet. Please do not interpret my response as an attack on you or the video creator.
@@MattSoverns thx. FL does “shine” in the number of hot, humid and cloudy days. Avg only 97 clear days annually which is fewer than the number of clear days in 22 other states. FL “The Partly Cloudy 🌤️ State” is more appropriate
Very helpful! Thankyou!
Very helpful video. Going through this right now. Work remote from home in MD, but my company is based in NY. Being taxed by MD and NY
Taxes. Always complicated
great intro video for handling taxes while working/living in two states!
Thank you for watching and for your kind words, Albert! Welcome to the channel. Feel free to subscribe for more videos! :D
Thanks so much
Thank youuuuuu sOooooooo very much u made this plain as hell 🎉🎉🎉
You’re welcome 😊
Thank you, Mr. Efros. This video was very helpful. In my case, NJ is the resident state/NY is the state where the income comes from. ❤
You're welcome, Susan -- thanks for watching! :D
Thank you!
Very clear and super helpful!
Thank you for your kind words, Bela! I'm glad that it was helpful! :D
This explanation was EXTREMELY CLEAR AND CONCISE. I have my Turbotax open about ready to send, but this video may have saved me $2,000 !
This was so helpful! I live in Illinois but work over the river in Missouri. Figuring out the credit was so confusing to me.
I'm in the same situation right now filing my 2021 tax return as a part year resident for New York and New Jersey. I paid $15,890 as Nj part year resident but I work in NY all my income. Will the $15,890 be my credit or refund? that what it said on my form 1040
Excellent video. Crystal clear great example.
I am wondering if this applies to S corporations as well as the corporation could be based in California, but does some business and generate income in say AZ (both of these states, have a reciprocity tax agreement) However, because it’s an S corporation it is a pass-through entity which gets taxed personal level.
Super easy to follow, thanks for making it so simple to understand!
Great Video! What will be the capital gain (stock) market tax in the state level? Will it be in the working state or in the state of residence?
Thank you
Good Video. I want to go in depth to learn about OSTC , city taxes. I have been trying for this but I am unable to find any videos or any course. Sir could pls suggest me how can I learn state and city taxes . Thanks
Great video! But is there an update? What about in regards to remote workers nowadays? I live in CA but the company I work for is based in TX. Would this video still apply?
this is exactly my situation. Thank YOU! Can I ask a Q? My employer charged me box 14 on W2 for NYSDI and NYPFL. I don't know what they are. Do I get credit for them?
Thanks for the great video. What about the City tax? I drive an Hour to Kansas City for work and I pay Kansas City Tax in my W2, but I am not a Kansas City Resident. Do I get the credit for that?
Does this also apply if you are doing remote work in a different state than you are living? Or will that change how you file?
I lived in NYC and worked in NJ. I don't know how my tax preparer did it but I received refunds from both NY and NJ. By choice I was not working for a year. Now I'm a resident of California and work remotely for my previous NJ company. I guess it will work out the way you've stated.
Who’s your tax preparer if you don’t mind me asking?
Hey can you do living in Connecticut but workin in NYC BRONX
Thanks for a great and very helpful video!!!
Would you be so kind as to comment on the 2 questions below?
1. If I live in US, holding F1 visa, can I work remotely in another country as an entrepreneur? Can I avoid double taxation in that case?
2. Same question for my wife, she holds F2 visa
Many thanks for consideration and response!
I recently moved from Utah which I am a resident of. I now live in Chicago, but not a resident. How would I file if I work remotely for a company in New York?
Can you please show how to calculate CA adjustments? Thank you!
Hi, which line tells you how much you suppose to get back in the NY tax form? I paid someone to do it for me and they are terrible at communicating. Everything was online because of Covid but they won’t explain I’m really confuse
I am thinking of moving to California I currently reside in NJ and work remotely from NJ but my job is based in NYC I assume that if I were to move out to Cali then the scenario you explained would apply to me come tax season. My question is because I file married but separate I tend to not get a lot of credits I would get if I filed married jointly would I also lose this credit because of that or it wouldn’t apply to this scenario?
I live in Florida and am about to take a job in California. Seasonal work, basically work two months, go home for two weeks. What can I expect with taxes? Note that Florida doesn’t have State income taxes.
Hi, can you please advise if there will be a double tax living in NY and working in Connecticut?
If I work in Ohio, how often do I have to go to my home state of Florida to maintain my address on paper? And tax exempt status? Once a month? Once every 2 Months? Once every 3 months? 🤔
Could you due this for working in PA and living in Monroe NY, thanks.
I live in Delaware and work in PA. I’ve been getting double taxed. Am I screwed?
So where can I find out if my state does or does not give credit for the state I’m working remotely in?
If my client that I'm currently working for and lives in the same state as me and my business wants me to work on their other property in another state, do I need to get a foreign license?
What about if I lived in California and my company is in California but I now work remotely and moved to Seattle where there is no state tax.. do I still have to pay California state tax ?
Question: If I live in Tennessee (no income tax) and work in Georgia ( has 5.25% tax) will I have to pay Georgia’s state income tax? My state, TN, does not give me any income tax form, so how can I claim the credit on line 64? My residence state is Tennessee
Very informative, where can we get the list of states for which we end up paying double taxes? My cases is that my company is located in NY but I reside in Boston. Not sure how the taxation will pan out in this scenario.
I am in search of answer of my question and so far not able to get it. I have a single member llc, If I am understanding correctly irs to receive income tax return while states receive the sales and withholding taxes, am I right? And what is the difference between withheld and withholding taxes?
Quick question sir. I’m New York resident with ny id if work Chicago 1099 self employed should I still need to pay new York income taxes?
University of California requires phd students to be a resident , I am also a resident of Hawaii. Please do a video on dual residency.
I wish you would do this for PA and NJ... reciprocity states but i'm having a hell of a time. Scared to send this over
Did u find out any info
Great video, thank you! Do you know if as a sole proprietor, if I travel for small gigs (working with individuals rather than businesses) here and there to different states, do I have to file a separate state tax return for each state that I've visited for one off work?
Hello Paul! Unfortunately, each state has its own rules pertaining to filing requirements for income tax returns. Accordingly, if you meet the filing requirements in any particular state, then you would likely need to file a tax return for that state (a non-resident return if you did not reside in the state in question throughout the tax year). This is why some individuals and business file tax returns in 10, 20, or even more states as necessary!
I have a question, so Nevada has no state income tax and say if I lived in Reno, NV but worked in Sacramento, CA would I still get taxed by CA or would residency in NV help me out?
I live in Florida and California you can be resident in 2 states
What about Illinois and Indiana? They do the credit and every year I hve to pay Indiana and live there but work in Illinois. Can I do anything?
I currently live in SC with my husband. But I’m going to be working in Alaska. I’ll be staying with family and going to sc to visit. Should I just claim residence in Alaska???
what if I lived in Ca and had a W-2 and visited Ga for a few months and was given a 1099 for such time.
Do you a video wherein you explain what happens when you live in the state of California, and you work for 10 months in the state of Texas, which does not have a state income tax? Thx
In your scenario if I’m an employer am I obligated to deduct taxes from the employee in both CA and NY?
How about in a situation like mine. My husband recently got transferred. My job is currently in Washington state and I’d like to work remotely. My employers need to do to allow me to work there as an employee in the state
Humble question, i work in NM and work in AZ. Someone made the mistake to sign me up to pay tax in both states.
Would i be eligible for a refund of the money i paid AZ?
I'm a trucker. I'll be moving to Springfield Missouri, but operating my business in Florida. I really don't want to close my S Corp, and reopen everything. Do I have to pay state and federal just living in Missouri? I'm so confused.
i live in phoenix arizona and would be working in longbeach CA here pretty soon wat should i do
What you gonna do that credit if you're in temporary work for that states? Seems like it's a worthless credit.
Curious, what if live in one state, but go through a toll in another state. Can they get you if you don't pay?
My grandson lives in New York no employment but earned money in Nevada from powerslap competition and received a w2 from Nevada. How does he file for this?
What if my online business is registered in Delaware, but I live in CA, should I pay state taxes in California?
Hey, I have a question I live in Maryland but I work in New Jersey would I be double tax can you please help me
Can you make a response for living in Texas but working in Pennsylvania?
Taxpayers live in Texas and works w-2 income 11000 for Dallas and w-2 income 6870 for Nevada what should I do?
Hi,
Moving to CT in October from MA. I will keep my job which is located in MA ( I will work in person 1-2 days per week).
Please help me.
I called the Mass Tax Department and I am confused.
How would this play out?
Hi Guys,
I am working in payroll domain need a help in understanding Worked in Lived in Location during this pandemic.
Below is the scenario:
Worked In Location: NY (Office Headquartered)
Lived in Location: NJ
Due to pandemic offices are shut and asked employees to work from Home.
In this case should the employer by default change employees work location to employees Lived in location i.e Worked in and lived Location same for processing their payroll (so the taxes would be same for Worked in & Lived in).
Or this is totally based upon employees choice to request Hr or Payroll team for the changes if he/she is willing to change their worked in same as lived in as they are working remotely now.
Thanks in Advance.
Are California and Oregon credited ?
So if you live in Texas, you pay all of Cali's taxes?
Jersey and pa
Florida is the sunshine state…
How would it work if you live in Wyoming but work in Illinois
What about if I live in Washington but work in New York
This shit was way easier to explain than what you did. Seems like. Still, appreciate sharing.
Most people do not realize how all their income is double and triple taxed as they spend it.
It said these 2 and not reciprocal states.
Thank you for breaking that down. My tax software automatically generated a 1040-X as well as extension forms once the ADP W-2 was uploaded. Is that required (or normal)?
Sameee
Can you do living in CT but working in NY
I’m the same. I work in NY but live in CT. Did you file two state tax return? Do you know which line tells you your refund back from NY on the IT-203?
I live and work in CO but my employer is from VA and i get taxed for VA every month. How will my tax refund work??
It won't. You'll probably get thrown in jail on Tax Evasion.
Taxes are getting out of hand!
Sunshine state is Florida, not California
You can live in 2 states
You sound like Louis Rossmann (your voice)
Thank you! I'm a big fan of Louis Rossmann (been watching his videos for years) so I take that as a huge compliment. Now if I could only get that many subscribers! :D
What about residents in both states
Hello there -- thank you for your question! If a taxpayer moves from one state to another throughout a particular tax year, then that taxpayer would likely be required to file part-year resident returns in both states. Accordingly, their income will generally be allocated to each respective state based on the state in which the income was earned. As a result, there should not be an issue with double taxation as the taxpayer's income would be taxed by one state or another -- not both.
@@EfrosFinancial what if you are living in a state which there's no state tax like Texas but working for a company that does have state tax like California?
Sunshine state is Florida not California isn't it ? 🤔
"Sunniest States in the U.S.
Whether you’re interested in harvesting solar power or you’re the type of person who needs extra Vitamin D all year, knowing the sunniest states in the U.S. is important. No, the Sunshine State, Florida, is not the sunniest state in the U.S.
The sunniest U.S. states are: Arizona, New Mexico, Nevada, Texas, California, Colorado, Oklahoma, Kansas, Utah, and Florida."
worldpopulationreview.com/state-rankings/sunniest-states
:P :P
Lol hey you working here let me get your money
Please get a pop filter :)