Hoping people in this forum are able to help answer this question.
My firm has offered to let me move to NYC. I am contemplating moving asap but there are obviously costs involved, one of which is that I would then receive my bonus while living in NYC and thus be taxed by the City too. This would represent a few thousand dollars but adding that to lease break fees and moving costs it starts making more sense to wait for my lease to burn off next year.
However, my understanding of NYC tax law is if you live in the city/state for over 6 months you owe income taxes for the entire year. Is my understanding correct? If so I would then end up paying tax on that bonus regardless so I shouldn't really factor it into the move timing decision.
The 6 mo rule for nyc tax applies to city not state ie you can live outside the city. I don't know the rule re ny state
I'm going on the assumption that you currently live outside NY State. Miscer is referencing if you have to pay City tax if you live somewhere else in the state for a part of the year.
Generally, no. you pay a fraction of your total income to NY based on the fraction of the year that you lived there.
Also, where do you work that your bonus isn't paid in Q1 or early Q2? That bonus is taxable in the year it's paid, not the year it was earned.
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