Jump to content

Taxes


13 replies to this topic

#1
weathergeek87

  • Moderators
  • 9,749 posts
  • Gender:Male
  • Location:Hamburg, NJ
  • Hamburg, NJ
  • NJ
This question is for folks who live in NJ but work in NYC - what happens around tax time? I read that I would have to file a non-resident NY form and a resident NJ form, and I would be issued a credit so I am not double taxed for both states? It sounds very confusing, can anyone explain further?
Hamburg, NJ (Sussex County)

#2
nyrangers1022

  • Members
  • 1,526 posts
  • Gender:Male
  • Location:cornwall on hudson, NY (orange county )
In sure whatever you got to do, you going to owe NYC

#3
weathergeek87

  • Moderators
  • 9,749 posts
  • Gender:Male
  • Location:Hamburg, NJ
  • Hamburg, NJ
  • NJ

View Postnyrangers1022, on 12 October 2017 - 06:02 PM, said:

In sure whatever you got to do, you going to owe NYC

State. Only way you owe NYC is if you live in the 5 boroughs.
You are prob right tho - always a rip off living around here.
Hamburg, NJ (Sussex County)

#4
satellite_eyes

  • Moderators
  • 7,587 posts
  • Gender:Male
  • Location:Fort Mill, SC (Home) & Charlotte, NC (Work)
Yeh I work in Charlotte but live in SC so I have to file both states. I get credit for NC but sometimes wind up owing just a little for SC
Lake Hopatcong, NJ (NW Morris County)
Elevation 1150' - Average Snow: 50"

Snow Stats (as of 3/31/15)
2014-2015 Winter - 67.0" Min Temp -6
2013-2014 Winter - 66.1" Min Temp -5
2012-2013 Winter - 53.4" Min Temp +1
2011-2012 Winter - 26.9" Min Temp +5
2010-2011 Winter - 62.3" Min Temp -6

#5
weathergeek87

  • Moderators
  • 9,749 posts
  • Gender:Male
  • Location:Hamburg, NJ
  • Hamburg, NJ
  • NJ

View Postsatellite_eyes, on 12 October 2017 - 08:13 PM, said:

Yeh I work in Charlotte but live in SC so I have to file both states. I get credit for NC but sometimes wind up owing just a little for SC

Yes I believe I will get a credit for NJ but may owe NY.
Hamburg, NJ (Sussex County)

#6
Jimbo073

  • Members
  • 271 posts
  • Location:Hoboken NJ

View Postweathergeek87, on 12 October 2017 - 10:58 PM, said:



Yes I believe I will get a credit for NJ but may owe NY.

If you just moved during 2017 you will have to file a part year ny/NYC return and a part year nj return. You will get a credit but my advice is to find a cpa, your return this year isn't simple

#7
weathergeek87

  • Moderators
  • 9,749 posts
  • Gender:Male
  • Location:Hamburg, NJ
  • Hamburg, NJ
  • NJ

View PostJimbo073, on 14 October 2017 - 07:00 AM, said:



If you just moved during 2017 you will have to file a part year ny/NYC return and a part year nj return. You will get a credit but my advice is to find a cpa, your return this year isn't simple

I already found a reputable one, in Hamburg. Snowshoe recommended him. Looks like it may not be as confusing as I had originally thought -- so many people live in NJ and work in NYC.
Hamburg, NJ (Sussex County)

#8
carribeanpirate

  • Members
  • 3,702 posts
  • Gender:Male
On a tangent, I am preparing for the new NJ governor. I have cancelled my vacation, put purchases on hold and am putting lube in special places awaiting Murphy's ass-sention into office.

#9
weathergeek87

  • Moderators
  • 9,749 posts
  • Gender:Male
  • Location:Hamburg, NJ
  • Hamburg, NJ
  • NJ

View Postcarribeanpirate, on 17 November 2017 - 05:53 PM, said:

On a tangent, I am preparing for the new NJ governor. I have cancelled my vacation, put purchases on hold and am putting lube in special places awaiting Murphy's ass-sention into office.

Caribb - what do you honestly think of the House's bill w/ the tax overhaul? One of my friends up here in Sussex County who is a long-time Republican says this version will harm NJ tax-payers since NJ is such a highly taxed state, since we will no longer be able to do certain write-off's, that it will wind up hurting us here in NJ moreso than help. I am so confused, and don't know who to believe. There is so much mis-information out there. Anyone on here have a clue about this bill for residents of higher-taxed states like NJ?

Some say it will help, regardless of where you live, some say NJ residents will break even (no change), and others say it will make NJ residents worse-off.
Hamburg, NJ (Sussex County)

#10
carribeanpirate

  • Members
  • 3,702 posts
  • Gender:Male

View Postweathergeek87, on 17 November 2017 - 06:10 PM, said:

Caribb - what do you honestly think of the House's bill w/ the tax overhaul? One of my friends up here in Sussex County who is a long-time Republican says this version will harm NJ tax-payers since NJ is such a highly taxed state, since we will no longer be able to do certain write-off's, that it will wind up hurting us here in NJ moreso than help. I am so confused, and don't know who to believe. There is so much mis-information out there. Anyone on here have a clue about this bill for residents of higher-taxed states like NJ?

Some say it will help, regardless of where you live, some say NJ residents will break even (no change), and others say it will make NJ residents worse-off.

I left a long answer that does not appear, so here are my thoughts. If it becomes a double post, I will remove one

I have read some things, but most of what I have heard is from mainstream media. Given today's political and biased media environment, Its difficult to separate fact from fact with a spin towards the slant wanted. Yes, I have read that write offs such as mortgage interest deductions and property taxes will be eliminated and replaced with a standard deduction, based on filing status.

I look at taxes as how will it affect me? While I may lose some deductions, I want see my overall tax bill go down. With the introduction of the standard deduction, my taxes will be net neutral, but where I will save is the elimination or increased income threshold for the Alternative Minimum Tax (AMT). I have been caught by this a few times and it is a killer. Getting away from that will be a big help and net-net reduce my federal taxes. Of course, we need spending cuts to go along with lower taxes, but we know that wont happen.

And any tax savings I get from the federal government will just be put toward my taxes in NJ. I expect my state income taxes and property taxes to go up exponentially. Murphy sold a bill of goods to the folks who voted for him, with no details of how we will pay for it all. A millionaire's tax wont help pay for everything, so its going to fall to the backs of the middle income folks, who all politicians claim to love, protect and support. Except they dont help them at all. They punish their hard work and then blame the other party in the next election cycle. And the beat goes on.

#11
carribeanpirate

  • Members
  • 3,702 posts
  • Gender:Male
This is one of the clearest articles I have read about the new tax bill and its effects.

https://fivethirtyei...ts-your-wallet/

#12
weathergeek87

  • Moderators
  • 9,749 posts
  • Gender:Male
  • Location:Hamburg, NJ
  • Hamburg, NJ
  • NJ
http://www.nj.com/po...publican_t.html
Hamburg, NJ (Sussex County)

#13
satellite_eyes

  • Moderators
  • 7,587 posts
  • Gender:Male
  • Location:Fort Mill, SC (Home) & Charlotte, NC (Work)
Overall the tax cuts seem like a win. Especially if you have kids. With 3 kids my tax credit goes from 3000 to 6000. That's money in your pocket. Losing the personal exemptions might cost me about 1000 but that's easily offset by the bigger child tax credit. Not to mention the lower tax rate.
Lake Hopatcong, NJ (NW Morris County)
Elevation 1150' - Average Snow: 50"

Snow Stats (as of 3/31/15)
2014-2015 Winter - 67.0" Min Temp -6
2013-2014 Winter - 66.1" Min Temp -5
2012-2013 Winter - 53.4" Min Temp +1
2011-2012 Winter - 26.9" Min Temp +5
2010-2011 Winter - 62.3" Min Temp -6

#14
weathergeek87

  • Moderators
  • 9,749 posts
  • Gender:Male
  • Location:Hamburg, NJ
  • Hamburg, NJ
  • NJ

View Postsatellite_eyes, on 20 December 2017 - 08:10 AM, said:

Overall the tax cuts seem like a win. Especially if you have kids. With 3 kids my tax credit goes from 3000 to 6000. That's money in your pocket. Losing the personal exemptions might cost me about 1000 but that's easily offset by the bigger child tax credit. Not to mention the lower tax rate.

If it does turn out to be a win for most Americans, let it be known that not one Democrat voted in favor of it.
Hamburg, NJ (Sussex County)





1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users