Sign on Bonus question

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • ShahMD
    Member
    • Feb 2016
    • 56

    Sign on Bonus question

    Hello everyone, I had a state specific question.

    I'm moving from NY state to Texas later this year. I am currently an attending receiving W2 in NY and plan to become an IC in Texas. There will be a sign-on bonus of about 30-40k and I was wondering if I should ask for it to land on my January 2018 paycheck in order to avoid the NY state income taxes. Does NYS have a right to tax any income I make in another state when I don't live there? If you guys could help clarify this for me, I would greatly appreciate it. Thanks and have a great week!
  • jfoxcpacfp
    Moderator
    • Jan 2016
    • 15939

    #2
    To avoid taxation, you need to both reside and work in TX when you receive your sign-on bonus.
    My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 to schedule CPA and Financial Planning initial introductions for Fox CPA and Wrenne Financial Planning, my affiliate firm. We charge Flat Fees for both CPA & Fee-Only Financial Planning.

    Comment

    Working...