Ask Experts Questions for FREE Help !
Ask
    kmsprint's Avatar
    kmsprint Posts: 4, Reputation: 1
    New Member
     
    #1

    Apr 7, 2007, 01:26 PM
    Interest Income for Non-resident NY taxes
    Hi,

    I am filing NY non-resident tax return. I have some interest income from a bank located in NY. Do I count it as a part of NY state income , or exclude it for calculating N state tax?

    Will this be same for NJ and MD also, as I've lived for parts of the year in these two states (but worked in NY)? Do I need to include interest income on any of these non-resident returns?

    Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 17, 2007, 09:08 AM
    Do NOT claim interest earned on the non-resident NY return; the only money claimed on that return is WAGES earned in NY.

    You DO claim interest earned while living in NJ and MD on a prorated basis.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How can interest income double my federal taxes owed? [ 12 Answers ]

Hello, This question is for anyone out there who can help me, specifically for Atlanta Tax Expert since you were kind enough to help me last year through this forum. My status changed from F1 to H1B in 2005 and 2006 is the first year that I will file as a resident alien. My employer deducts...

Are Indian non-resident students subject to taxes in India on US income? [ 3 Answers ]

Are students who are non-resident in the US for tax purposes, subject to tax in India? If so how can the back taxes be paid? Should we submit that we were subject to taxes in India because we intend to pay our taxes?

1st year as a resident alien under L1 visa - Foreign Income / Medicare Taxes [ 11 Answers ]

Hello, We arrived together with my wife and my son March 1st 2006 on a L-1 visa (L-2 for my wife and my son). Before this date, we were resident of France. Our stay in the US could be from 1 to 3 years (could end this year or next year). After that, we will be again resident of France. Our stay...

Non-Resident Alien taxes on profits from shares/dividends/interest [ 1 Answers ]

Hi, I am in the process of filing my taxes for 2006 as a non-resident alien, since I was on OPT/F-1 visa for most of 2006. Towards the end of 2006, I sold some shares of a US company that I had been holding since before I came to the US. I also earned some dividends on that share. Additinally, I...

Income Tax on Social Security & Interest Income [ 1 Answers ]

I collect SS, withdraw interest income monthly and sell real estate. I am wondering since my interest income & real estate commissions exceed the SS allowable income cap of $12,000 will my SS for the next year be reduced? Will my real estate expenses be deductible from taxes owed on my...


View more questions Search