Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-18-2018, 09:58 PM
Junior Member
 
Join Date: Feb 2018
Posts: 2
Which State do I claim my income in?

I moved to UT from CA last year and this year the company I used to work for got bought out and they are closing out a defined benefit program all of the employees were a part of. I will be receiving a lump sum cash out for my portion. Next year when I file my taxes, will I claim the lump sum as income on my Utah State Tax Return or will I need to file a CA Return and claim it there?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-19-2018, 06:58 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
While the state, UT, where you bought your pension may not tax your retirement income, you may still have to pay taxes on the income in your state of residency of CA . For example, if you earn a pension in UT, then move to CA , the state of CA may require you to pay taxes on this income.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 02-21-2018, 09:31 AM
Junior Member
 
Join Date: Feb 2018
Posts: 2
Well UT is my state of residency now. I didn't have access to the money until they closed the program when the company got sold. Since its a lump sum payout and I'm not rolling it over, I just want to see if I'll need to claim in in UT or file a CA return as well.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 02-21-2018, 11:35 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by beechbumm33 View Post
Well UT is my state of residency now. I didn't have access to the money until they closed the program when the company got sold. Since its a lump sum payout and I'm not rolling it over, I just want to see if I'll need to claim in in UT or file a CA return as well.
As you said WHEN you file your next year return I mean your 2018 return, you need to report the income on yur UT return since you as a full year resident of UT DO NOT need to file CA return any longer.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Which state do I claim early distribution in? MayorMatt IRA/Sep 1 02-08-2018 10:45 PM
How to claim more taxable income SCION7722 Income 2 01-13-2013 11:00 AM
Self employed income - can I use form 2555 to claim foreign earned income deduction? americanexpat Limited Liability Company 1 06-20-2011 09:24 AM
Oil Company Settlement - Do I need to claim as income? jhunter2323 Income 6 02-07-2011 02:19 AM
Claim College Child with income or not jmoss0114 Income 2 02-02-2009 04:18 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.