How do I report bank interest on part-year resident forms?

Question

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?

Answer 1

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.

Answer 2

once you're a US individual (citizen or resident alien), truthfully. you're taxed on international income. the different united states may additionally tax you. If the distant places account(s) has extra desirable than $10K in it at any time, you ought to additionally record TDF ninety-22.a million. in the adventure that your complete account(s) are, say, extra desirable than $50K, you besides mght would desire to do the FATCA style.