My bank got bought out, am I now going to have to start filing tax returns in a different state? ...
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My bank got bought out, am I now going to have to start filing tax returns in a different state?
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My bank got bought out, am I now going to have to start filing tax returns in a different state?
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My bank just got bought by a bank in another state. Does this mean my interest earnings are going to get reported in that other state and potentially require me to file tax returns in the other state?
How is this problem handled by big banks with branches in many states?
united-states taxes banking
asked 4 hours ago
Five BaggerFive Bagger
6,14021852
add a comment |
My bank just got bought by a bank in another state. Does this mean my interest earnings are going to get reported in that other state and potentially require me to file tax returns in the other state?
How is this problem handled by big banks with branches in many states?
united-states taxes banking
asked 4 hours ago
Five BaggerFive Bagger
6,14021852
add a comment |
My bank just got bought by a bank in another state. Does this mean my interest earnings are going to get reported in that other state and potentially require me to file tax returns in the other state?
How is this problem handled by big banks with branches in many states?
united-states taxes banking
asked 4 hours ago
Five BaggerFive Bagger
6,14021852
My bank just got bought by a bank in another state. Does this mean my interest earnings are going to get reported in that other state and potentially require me to file tax returns in the other state?
How is this problem handled by big banks with branches in many states?
united-states taxes banking
united-states taxes banking
asked 4 hours ago
Five BaggerFive Bagger
6,14021852
asked 4 hours ago
Five BaggerFive Bagger
6,14021852
asked 4 hours ago
Five BaggerFive Bagger
6,14021852
asked 4 hours ago
Five BaggerFive Bagger
6,14021852
asked 4 hours ago
Five BaggerFive Bagger
6,14021852
6,14021852
add a comment |
add a comment |
3 Answers
3
active
oldest
votes
No. You owe/pay taxes based on your residency. The physical location of the entity paying you isn't relevant whether it's earned income or interest income.
There are some exceptions to this on an international basis. And, some states are aggressive in their methods of establishing residency but most involve you being physically present in the state over some time period.
answered 4 hours ago
quidquid
39.5k876128
2
"The physical location of the entity paying you isn't relevant whether it's earned income or interest income." Not completely true. Many states tax income based on where income is earned rather than residency. Off the top of my head, working in NYC but living in NJ leads to income tax being charged by both (with NJ offering credits based on tax payed to NY), and working in Oregon while living in income-tax-free Washington will still lead to paying income tax to Oregon.
– NeutronStar
1 hour ago
add a comment |
Banks anywhere in the US report the interest you earn in a 1099-INT. You then report this income in your federal return, and in your home state return, if your state requires you to file.
I believe what you're alluding to is when you earn wages in multiple states (which would come in a W2 form). Only then you might need to file reports in multiple states.
answered 4 hours ago
wide.writing.immediatelywide.writing.immediately
764411
add a comment |
If the bank is doing business in your home state and ofering bank accounts to residents of your home state, then there is no question that the interest they pay you is taxable in your home state and nowhere else.
answered 41 mins ago
HarperHarper
25.7k63891
add a comment |
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3 Answers
3
active
oldest
votes
3 Answers
3
active
oldest
votes
active
oldest
votes
active
oldest
votes
No. You owe/pay taxes based on your residency. The physical location of the entity paying you isn't relevant whether it's earned income or interest income.
There are some exceptions to this on an international basis. And, some states are aggressive in their methods of establishing residency but most involve you being physically present in the state over some time period.
answered 4 hours ago
quidquid
39.5k876128
2
"The physical location of the entity paying you isn't relevant whether it's earned income or interest income." Not completely true. Many states tax income based on where income is earned rather than residency. Off the top of my head, working in NYC but living in NJ leads to income tax being charged by both (with NJ offering credits based on tax payed to NY), and working in Oregon while living in income-tax-free Washington will still lead to paying income tax to Oregon.
– NeutronStar
1 hour ago
add a comment |
No. You owe/pay taxes based on your residency. The physical location of the entity paying you isn't relevant whether it's earned income or interest income.
There are some exceptions to this on an international basis. And, some states are aggressive in their methods of establishing residency but most involve you being physically present in the state over some time period.
answered 4 hours ago
quidquid
39.5k876128
2
"The physical location of the entity paying you isn't relevant whether it's earned income or interest income." Not completely true. Many states tax income based on where income is earned rather than residency. Off the top of my head, working in NYC but living in NJ leads to income tax being charged by both (with NJ offering credits based on tax payed to NY), and working in Oregon while living in income-tax-free Washington will still lead to paying income tax to Oregon.
– NeutronStar
1 hour ago
add a comment |
No. You owe/pay taxes based on your residency. The physical location of the entity paying you isn't relevant whether it's earned income or interest income.
There are some exceptions to this on an international basis. And, some states are aggressive in their methods of establishing residency but most involve you being physically present in the state over some time period.
answered 4 hours ago
quidquid
39.5k876128
No. You owe/pay taxes based on your residency. The physical location of the entity paying you isn't relevant whether it's earned income or interest income.
There are some exceptions to this on an international basis. And, some states are aggressive in their methods of establishing residency but most involve you being physically present in the state over some time period.
answered 4 hours ago
quidquid
39.5k876128
answered 4 hours ago
quidquid
39.5k876128
answered 4 hours ago
quidquid
39.5k876128
answered 4 hours ago
quidquid
39.5k876128
39.5k876128
2
"The physical location of the entity paying you isn't relevant whether it's earned income or interest income." Not completely true. Many states tax income based on where income is earned rather than residency. Off the top of my head, working in NYC but living in NJ leads to income tax being charged by both (with NJ offering credits based on tax payed to NY), and working in Oregon while living in income-tax-free Washington will still lead to paying income tax to Oregon.
– NeutronStar
1 hour ago
add a comment |
2
"The physical location of the entity paying you isn't relevant whether it's earned income or interest income." Not completely true. Many states tax income based on where income is earned rather than residency. Off the top of my head, working in NYC but living in NJ leads to income tax being charged by both (with NJ offering credits based on tax payed to NY), and working in Oregon while living in income-tax-free Washington will still lead to paying income tax to Oregon.
– NeutronStar
1 hour ago
2
2
"The physical location of the entity paying you isn't relevant whether it's earned income or interest income." Not completely true. Many states tax income based on where income is earned rather than residency. Off the top of my head, working in NYC but living in NJ leads to income tax being charged by both (with NJ offering credits based on tax payed to NY), and working in Oregon while living in income-tax-free Washington will still lead to paying income tax to Oregon.
– NeutronStar
1 hour ago
"The physical location of the entity paying you isn't relevant whether it's earned income or interest income." Not completely true. Many states tax income based on where income is earned rather than residency. Off the top of my head, working in NYC but living in NJ leads to income tax being charged by both (with NJ offering credits based on tax payed to NY), and working in Oregon while living in income-tax-free Washington will still lead to paying income tax to Oregon.
– NeutronStar
1 hour ago
add a comment |
Banks anywhere in the US report the interest you earn in a 1099-INT. You then report this income in your federal return, and in your home state return, if your state requires you to file.
I believe what you're alluding to is when you earn wages in multiple states (which would come in a W2 form). Only then you might need to file reports in multiple states.
answered 4 hours ago
wide.writing.immediatelywide.writing.immediately
764411
add a comment |
Banks anywhere in the US report the interest you earn in a 1099-INT. You then report this income in your federal return, and in your home state return, if your state requires you to file.
I believe what you're alluding to is when you earn wages in multiple states (which would come in a W2 form). Only then you might need to file reports in multiple states.
answered 4 hours ago
wide.writing.immediatelywide.writing.immediately
764411
add a comment |
Banks anywhere in the US report the interest you earn in a 1099-INT. You then report this income in your federal return, and in your home state return, if your state requires you to file.
I believe what you're alluding to is when you earn wages in multiple states (which would come in a W2 form). Only then you might need to file reports in multiple states.
answered 4 hours ago
wide.writing.immediatelywide.writing.immediately
764411
Banks anywhere in the US report the interest you earn in a 1099-INT. You then report this income in your federal return, and in your home state return, if your state requires you to file.
I believe what you're alluding to is when you earn wages in multiple states (which would come in a W2 form). Only then you might need to file reports in multiple states.
answered 4 hours ago
wide.writing.immediatelywide.writing.immediately
764411
answered 4 hours ago
wide.writing.immediatelywide.writing.immediately
764411
answered 4 hours ago
wide.writing.immediatelywide.writing.immediately
764411
answered 4 hours ago
wide.writing.immediatelywide.writing.immediately
764411
764411
add a comment |
add a comment |
If the bank is doing business in your home state and ofering bank accounts to residents of your home state, then there is no question that the interest they pay you is taxable in your home state and nowhere else.
answered 41 mins ago
HarperHarper
25.7k63891
add a comment |
If the bank is doing business in your home state and ofering bank accounts to residents of your home state, then there is no question that the interest they pay you is taxable in your home state and nowhere else.
answered 41 mins ago
HarperHarper
25.7k63891
add a comment |
If the bank is doing business in your home state and ofering bank accounts to residents of your home state, then there is no question that the interest they pay you is taxable in your home state and nowhere else.
answered 41 mins ago
HarperHarper
25.7k63891
If the bank is doing business in your home state and ofering bank accounts to residents of your home state, then there is no question that the interest they pay you is taxable in your home state and nowhere else.
answered 41 mins ago
HarperHarper
25.7k63891
answered 41 mins ago
HarperHarper
25.7k63891
answered 41 mins ago
HarperHarper
25.7k63891
answered 41 mins ago
HarperHarper
25.7k63891
25.7k63891
add a comment |
add a comment |
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