Author Topic: Masters Degree in a New State. Tax impact?  (Read 245 times)

minimally

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Masters Degree in a New State. Tax impact?
« on: November 02, 2018, 12:04:04 PM »
Hello all,

I am going to be moving from the California to New York for a 1.5-2 yr masters program starting in January. One thing I am thinking about is how this move impacts my taxes. I would lean towards moving back after I graduate. I plan to use my parents' address in CA as my address on file for almost all things.

-Do I still file for CA, or NY? Does student status still let me keep my original state? I may do a summer internship, if that impacts it.
-If I own some CA specific tax-free funds (such as VCADX) in my taxable investment account, do I need to sell these and replace with the NY version? If so, is there a specific date? (For example, the CA tax exemption ends when my NY lease starts?)

Appreciate any advice.
« Last Edit: November 03, 2018, 11:30:44 AM by minimally »

MDM

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Re: Masters Degree in a New State. Tax impact?
« Reply #1 on: November 02, 2018, 01:03:30 PM »
Are you going to be changing your official state of residence?  E.g., registering to vote in NY, getting a NY driver's license, selling any CA property, not having a CA lease agreement, etc.?

minimally

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Re: Masters Degree in a New State. Tax impact?
« Reply #2 on: November 03, 2018, 11:29:47 AM »
Are you going to be changing your official state of residence?  E.g., registering to vote in NY, getting a NY driver's license, selling any CA property, not having a CA lease agreement, etc.?

I am ending my CA lease, but don't own any property. For many things, my address on file is my parents' house address in CA and I plan to just leave it that way. No plans to do any of the things you mentioned. The only paperwork I can think of that will have NY on it is my new housing lease.
« Last Edit: November 03, 2018, 01:07:35 PM by minimally »

MDM

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Re: Masters Degree in a New State. Tax impact?
« Reply #3 on: November 03, 2018, 11:37:36 AM »
Are you going to be changing your official state of residence?  E.g., registering to vote in NY, getting a NY driver's license, selling any CA property, not having a CA lease agreement, etc.?

I am ending my CA lease, but don't own any property. For many things, my address on file is my parents' house address and I plan to just leave it that way. No plans to do any of the things you mentioned. The only paperwork I can think of that will have NY on it is my new housing lease.
In that case (assuming your parents' address is in CA) you will likely be a CA resident, but will also have to file as a NY non-resident if you earn any money in NY.

If you do earn money in NY (e.g., part-time job) you may wish to become familiar with https://www.ftb.ca.gov/forms/2017/17_540sins.pdf, in addition to the NY non-resident tax form(s).

minimally

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Re: Masters Degree in a New State. Tax impact?
« Reply #4 on: November 03, 2018, 01:08:46 PM »
@MDM thank you! appreciate your help.