I am a resident of MD and earning interest from my bank account which is opened in OH. Will I have to pay state taxes for both MD and OH? Thank you for your time and consideration. :)
2006-10-10 17:53:32 · 3 answers · asked by AmyLee2412 1 in Business & Finance ➔ Taxes ➔ United States
You will not owe tax to Ohio, you will have to include the interest income in your federal and Maryland state return.
2006-10-11 01:15:16 · answer #1 · answered by Adios 5 · 1⤊ 0⤋
I couldn't find a definite answer on the Ohio Department of Taxation's website. At most, you may pay Ohio income tax on the interest earned in Ohio. Even if this were true, I doubt it would exceed the personal exemption of $1,350 (2005 amount).
2006-10-11 04:42:07 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
No you will only pay tax in you tax home which is the state you live in. That would not be the case if you earned wages in two states.
2006-10-11 01:17:54 · answer #3 · answered by ? 6 · 2⤊ 0⤋