How do I report bank interest on part-year resident forms?
Posted on March 15, 2010
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I moved from NY to CA in 09/2006. My question is about how to report bank interest income on the state income tax forms. Do I need to determine how much interest was earned from my bank accounts during the period when I lived in each state? I imagine that the interest income needs to be reported somewhere. Do I need to use my statements to figure out exactly how much was earned in each location?
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One Response to “How do I report bank interest on part-year resident forms?”
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You answered your own question! Just use the bank statements to apportion it.
Keep in mind that you may still owe taxes on any interest earned if you left the money in the account after you moved from the state! The state where the account exists IS entitled to levy tax on the income as is your home state. However you will get a credit for the taxes paid to the other state on your home state’s return.