Bart Posted February 26, 2009 Report Share Posted February 26, 2009 Client got a large retirement fund distribution. Client lived in one state until May 30, 2008 at which time he moved to another state. Is the retirement fund distribution sourced to the first state or the second state? Quote Link to comment Share on other sites More sharing options...
catax Posted February 26, 2009 Report Share Posted February 26, 2009 I think that would depend on the state. You will have to research the rules for each state. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 26, 2009 Report Share Posted February 26, 2009 Jan through May to first state, June through Dec to second state, assuming he also moved his residency. Quote Link to comment Share on other sites More sharing options...
PapaJoe Posted February 26, 2009 Report Share Posted February 26, 2009 Agree with KC if it was a monthly payout. If it was a lump sum, wouldn't it be taxed in the state the client was living in when it was received? Quote Link to comment Share on other sites More sharing options...
Bart Posted February 26, 2009 Author Report Share Posted February 26, 2009 Agree with KC if it was a monthly payout. If it was a lump sum, wouldn't it be taxed in the state the client was living in when it was received? That was my thought but I just wanted to check. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 27, 2009 Report Share Posted February 27, 2009 Agree with KC if it was a monthly payout. If it was a lump sum, wouldn't it be taxed in the state the client was living in when it was received? Of course, I agree with you, Joe. I was assuming that it was a monthly pension, but if it was a single payout, it would all be reported to whichever state he was a resident of at the time. Or if it was two or three payouts, then based on when and where. Quote Link to comment Share on other sites More sharing options...
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