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Taxes


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#1
weathergeek87

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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?
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#2
nyrangers1022

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

#3
weathergeek87

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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.
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#4
satellite_eyes

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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
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#5
weathergeek87

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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

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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

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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

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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

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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

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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

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This is one of the clearest articles I have read about the new tax bill and its effects.

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





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