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Work in NY, live in NJ

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Money Talk > Taxes

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Mr katana
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Work in NY, live in NJ  Reply with quote  

Hello all,
I was wondering if anyone could shed some light on the following question. I own a condo (paying mgt) in NJ where i live. I work in NY. In my paycheck i only see NY taxes deducted. do I have to pay NJ taxes as well? can I choose if i pay one or the other? and if so how can I tell if I am better off paying o ne over the othe when i consider a potential refund? Thanks
Post Thu Feb 21, 2013 11:28 pm
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oldguy
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You'll probably pay in both - most states have a sharing system, you pay non-resident taxes in one state but get credit for it in your state of residence. As for a refund - that depends entirely on how much you have had them withhold - ie, if you've underwithheld you'll owe more and if you've overwithheld someone will owe you a refund.
Post Fri Feb 22, 2013 12:20 am
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Mr katana
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Thanks oldguy, so if I read your anwer correctly, it really doesnt matter where I pay, at the end they will look at both state returns, match it up and if i owe i pay and if i over paid i get back. is this accurate?
Post Fri Feb 22, 2013 12:45 am
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coaster
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No, they will *not* look at *both* state returns. Each state only processes its own return. It's your responsibility to make sure that your income is properly reported to and the proper taxes paid to each state's department of tax revenue. The appropriate tax rate for the tax payer's state of residence and the tax payer's state of income source will be applied by each state, but they will *not* coordinate processing with the other state, so that you cannot rely on them to "complete" your returns for you, and I'll bet they don't even exchange any information at all, unless of course there's some reason to suspect you've given them false residence or income information.

Why don't you visit each state's tax department web site? I'm sure there's a multiplicity of publications, instructions, forms and such on each that cover your exact case. It's not like it's something that's never happened before .... Laughing

~Tim~
Post Sat Feb 23, 2013 6:09 am
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clydewolf
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Re: Work in NY, live in NJ  Reply with quote  

quote:
Originally posted by Mr katana
Hello all,
I was wondering if anyone could shed some light on the following question. I own a condo (paying mgt) in NJ where i live. I work in NY. In my paycheck i only see NY taxes deducted. do I have to pay NJ taxes as well? can I choose if i pay one or the other? and if so how can I tell if I am better off paying o ne over the othe when i consider a potential refund? Thanks

Oldguy and Coaster have it right.

You should first prepare a NY non-resident form, IT-203.

Then prepare your NJ return, NJ-1040.
On Line 41 NJ will give you tax credit for the amount you paid NY.
Post Mon Feb 25, 2013 2:42 pm
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pezlindalo
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So how does one find the best work from home business opportunities on the Internet today? You could do a search for business opportunities or work from home business opportunities using your favorite search engine such as Google but chances are you will be more confused than when you started. Most web sites listed on Google, (Mine Included) offer a wide range of more than 1 type of work from home Internet business opportunity.
Post Tue Aug 13, 2013 9:51 am
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stomarpro
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As far as I am aware, there is no government or business site that reviews work at home opportunities. Please let me know if you find such a source. Personally, I have spent the last year attempting to individually investigate each and every prospect.
Post Fri Jan 09, 2015 3:51 pm
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