Anthony wrote:

- quote -

After you move to NJ, will you still be working or otherwise
generating income in NY? If so, you will need to continue
your NY estimated tax payments, perhaps in reduced amounts
if you have other, non-NY source income that will no longer
be subject to NY tax. NJ will give you credit for any tax
you pay to NY on NY source income earned after you become a
NJ resident, limited to the proportion of your NJ tax
liability that relates to the "double taxed" income. Unless
your income is over $500,000, the NY rates are higher, so
your net state tax on that income will be the NY tax.

If you have no NY source income after your move, you can
probably stop the NY estimated tax payments. You will be a
part-year resident and will be taxed by NY only on your
income earned prior to the date of change. In NJ, you may
be protected from estimated tax penalties by the fact that
you had no NJ tax liability in the preceding year. If so,
you would not need to make any estimated tax payments, but
could simply pay the tax with your part-year resident NJ
return. It would be a good idea to check with the NJ
Department of Revenue to be sure. You may not be protected
if you had NJ source income and filed a nonresident NJ
return last year.

Katie in San Diego

The foregoing is intended for educational purposes only and
does not constitute legal or professional advice.

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I am currently living in NY making 2005 estimated tax
payments to NY and am moving to NJ sometime in July. How
do I handle the estimated taxes when moving to a new state?
I have already payed the June 15 NY estimated taxes.

Any links or information is appreciated

Anthony
mrbal2003[at]yahoo.com

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