Are there income tax advantages or disadvantages for living in state of NY while working in Connecticut?

Question

Assume that a person wants to live just outside the Connecticut state line in New York state but commute into Connecticut for work.

Answer 1

Most state tax income earned in the state and income of residents earned anywhere. There is usually a credit for income tax paid in the state it was earned. The net result is you pay the higher of the two tax rates.

Answer 2

My brilliant advice will be to get an accountant, yet it is what's going to ensue. truly, think ofyou've got to report a go back in all the states. Assuming all of them have a state earnings tax. The states in which you earned earnings would have taken state earnings taxes out. you'll report as a non-resident in PA because you in no way lived there, and then as an element-time resident in the different states. you'll owe PA taxes because you worked there, and then the different states because you lived there. How a lot you owe will be determined through how a lot you earned there, how a lot you lived there, and their tax expenses. you receives credit for taxes paid in lengthy island, DE and pa because you worked in those states, and those states took the money out. with out understanding numbers, i extremely can not allow you to realize in case you receives refunds, owe money, or how a lot of both you're searching at. As I stated contained in the start, take it to an accountant. good success!

Answer 3

I don't know of any advantages. The disadvantage is that you'll pay income taxes in two states, instead of one.

Answer 4

There arn't any advantages but there are disadvantages you might have to pay tax's for both states for example my dad tried something almost the same and we have to pay tax to both states Mass and Conn.I hope I helped. :)