View Full Version : 1099 contractor, Florida Resident, living in NYC
jlm1955
Jul 26, 2012, 04:56 PM
I am a 1099 contractor. My perm resident is Florida. I was thinking about living in NYC for 6-12 months (maintaining my Fla residence). Do I need to worry about NYC/NY taxes?
AtlantaTaxExpert
Jul 26, 2012, 04:59 PM
Yes, you do.
For the state, income earned inside ANY state's borders are subject to that state's income taxes (if applicable) unless there is a reciprocity agreement between state. No such agreement exists between New Yrok and Florida.
NYC will also consider you to be a part-time resident of NYC if you live within city limits and thus be subject to NYC income taxes.
jlm1955
Jul 26, 2012, 05:14 PM
Yes, you do.
For the state, income earned inside ANY state's borders are subject to that state's income taxes (if applicable) unless there is a reciprocity agreement between state. No such agreement exists between New Yrok and florida.
NYC will also consider you to be a part-time resident of NYC if you live within city limits and thus be subject to NYC income taxes.
I assume the same applies to Brooklyn. Where would I find the NYC and/or Brooklyn income tax rates?
AtlantaTaxExpert
Jul 26, 2012, 05:58 PM
I looked it up the other day; the tax rate is about 3.65%.
Brooklyn IS part of NYC.
jlm1955
Jul 26, 2012, 06:17 PM
I looked it up the other day; the tax rate is about 3.65%.
Brooklyn IS part of NYC.
Thanks for the information, sorry but I got one more question. As a contractor, I can deduct my expenses for federal income taxes. Are NY and/or NYC taxes based on gross or net (after deductions). I'm at least hoping that my federal taxes would be a deduction (so I do not have to pay NY/NYC taxes the US taxes :-)
AtlantaTaxExpert
Jul 26, 2012, 06:56 PM
The FEDERAL taxes paid are NOT a deduction.
However, BOTH the NYS and NYCincome tax is based on the net income from the Schedule C.