Alright..
So I get the signon bonus last year & the bank sends me the W2 - already deducted the fed, SS, MC & NY state tax
Now I lived in TX all 365 days of the prior year.. - do I still need to pay the NY state tax on my sign on bonus?
thanks
=Manu
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Notes about your New York State tax return:
-If you don't claim a standard deduction on your federal return, you can deduct tuition from your New York state taxes (assuming your parents are nice or don't get any tax benefit from claiming a tuition credit/deduction). This should probably be enough to wipe out most of a college student's taxable income. If you can take the Lifetime Learning credit on your federal return, you'll probably get everything but Medicare and Social Security back from your check.
If you've already taken the standard deduction with the feds, you still get a $7.5K standard deduction from New York State that gets divided between your New York income and your other income. Assuming your federal taxes say you made $20K and $10k was from your signing bonus, you'll pay less than $300 in New York state taxes.
i am screwed
I made 40K in TX & the signon was 40K as well NYC is now taxing me on all the 80K (granted that ill get 7.5K SD)..
its messed up
No state in the union is allowed to be a universal tax state. They can put you in a higher tax bracket for money earned out of state (that's what your tax return is doing), but they can't actually tax you on your Texas income.
If your temporary residence was in NYC but your permenant residence was in another state but you had NYC (city in addition to state) taxes withheld, how do you get back?
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