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Subject Author Date
Filing both MD and PA taxes J 04-04-2008
Posted by J on April 4, 2008, 10:59 pm
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 Hi,

I lived in MD from 1/1/07 to 7/6/07 and then in PA for the rest of
2007. I am going over the tax return for PA and am inquiring as to
whether or not I have to enter my interest income on my PA tax return
as it is already being taxed on the MD side.

In TaxAct, it says I have the option of not having this amount taxed
in PA by checking the box for each of the 1099s. The amount of taxes
I would owe for leaving them off my PA tax return would be just under
$300. Currently we are at $0 with PA.

I've been reading the PA booklets and they aren't clear in whether or
not it is taxable as I am a "part year resident" according to PA.

Any thoughts would be greatly appreciated.

Thanks!

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Posted by Ira Smilovitz on April 6, 2008, 12:39 pm
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> Hi,
>
> I lived in MD from 1/1/07 to 7/6/07 and then in PA for the rest of
> 2007. I am going over the tax return for PA and am inquiring as to
> whether or not I have to enter my interest income on my PA tax return
> as it is already being taxed on the MD side.
>
> In TaxAct, it says I have the option of not having this amount taxed
> in PA by checking the box for each of the 1099s. The amount of taxes
> I would owe for leaving them off my PA tax return would be just under
> $300. Currently we are at $0 with PA.
>
> I've been reading the PA booklets and they aren't clear in whether or
> not it is taxable as I am a "part year resident" according to PA.
>
> Any thoughts would be greatly appreciated.
>
> Thanks!

The interest income prior to 7/6/07 is taxable to MD. The interest income
from 7/7/07 forward is taxable to PA.

Ira Smilovitz

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Katie on April 6, 2008, 11:12 pm
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> Hi,
>
> I lived in MD from 1/1/07 to 7/6/07 and then in PA for the rest of
> 2007.  I am going over the tax return for PA and am inquiring as to
> whether or not I have to enter my interest income on my PA tax return
> as it is already being taxed on the MD side.
>
> In TaxAct, it says I have the option of not having this amount taxed
> in PA by checking the box for each of the 1099s.  The amount of taxes
> I would owe for leaving them off my PA tax return would be just under
> $300.  Currently we are at $0 with PA.
>
> I've been reading the PA booklets and they aren't clear in whether or
> not it is taxable as I am a "part year resident" according to PA.
>


As Ira says, the interest income you earned while you were a PA
resident is taxable in PA; what you earned while a MD resident is
taxable in MD. It doesn't matter where the payer of the interest is
located.

If the accounts or investments that produced the interest income were
in place all year, at about the same levels, you can just prorate by
the days. Otherwise you should make an actual cutoff, as close as you
can come. For example, if you closed a PA account and opened a MD
account with those funds at about the time you moved, all of the PA
account interest would be taxable in PA and vice versa.

Katie in San Diego

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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