Asked 3/3/2010
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Do you pay New York state taxes for income earned in another state I was an employee of BearingPoint consulting until June of 2009 and a resident of Texas. The firm went bankrupt and as a result, delayed the payment of my vacation accrual. The bankruptcy court ordered BearingPoint to begin payments on a monthly basis starting in August. In November, I became a resident of the state of New York. Do I owe NY state and city taxes on these monthly payments which were all earned while a resident of Texas? |
Answer 1/1 - Submitted 3/4/2010
Income is taxed by two states -- the state in which it is earned, and the state in which the taxpayer resides. For most people, those two states are actually the same state, and they only file one state return.
In your situation, the money was earned in Texas (no state income tax) but you didn't receive it until you after you had become a resident of NY ... and NY will want its slice of the pie. You can properly apportion the money so that only the November and December payments will be taxed in NY.
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