working in nyc but living in nj
For example the median home value in NYC is around 900 000 while in New Jersey is around 330 000. The job location is right by the PATH in the financial district so I considered living in NJ to cut costs and maybe avoid having a roommate.
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You are correct that the taxes are credited and you do not have to pay double state tax.
. If you live in NJ and work in NYC you file tax returns in NJ and NY but your NY tax paid acts as a credit for NJ. You are a NJ resident and you pay income tax there but you receive a credit on your NJ return for taxes paid to NY. In the case of moving to NJ from NYC it might be the opposite.
If you were a resident of NJ for the entire year but you worked in NY it would be best to file a Non-resident NY return in order to receive a credit from NJ for taxes paid to NY. Easy Commute to NYC Commuting from NJ to NYC is so simple. When you want to experience faster city life you can easily visit NYC since it is quite close.
To correct this on your New Jersey return you will need to remove the New York information from the W-2. Usually I get a refund from NY State I withhold NY taxes and pay a small amount to NJ. Live in New Jersey but commute to New York.
Top three reasons why you should consider moving to nJ especially if you still work in nyc. Low costs short commute no roommates in that order. For this reason its better to find.
Yes you will pay taxes in both states if you live in NJ and work in NYC but you wont be double-taxed as you will receive credits for taxes paid. As you can see this is a huge difference. The last benefit of living in NJ while working in NYC is that you can escape the crazy city life.
February 15 2021 1117 AM. If you live in NJ and work in NYC and your spouse works in NJ same concept applies. So you basically pay nothing in NJ tax until you hit the highest brackets.
Like 700 NY refund and 150 Bill from NJ There is a small commuter tax around 20yr but no city tax. Best of all you wont have to pay NYC income taxes which only apply to residents of New York City. I live in NJ and work in NYC.
You file returns in NJ and NY with your NY tax crediting your NJ tax. Whether you will be renting or buying a property in NYC you will need much more money for the same property in some other city or state. My priorities for a place to live are.
Which if youre working there is all of your income. It is quite possible for a balance due to NY if the withholding is not enough to cover the tax liability. You can enjoy a quiet life in your neighborhood.
If you work in NY and live in NJ taxes usually require filing paperwork with both states. NJ is more peaceful when compared to NYC. Luckily there are maximum tax rates for both of these that you can pay and you can file for a tax return in New York City so you dont exactly pay double taxes.
The most expensive part of living in NYC is the housing. Living in NJ while working in NYC is a great way to save some of your hard-earned money. Your resident state will not tax you twice on the same income.
You may also owe money to both states. As someone whos working in New Jersey you will also have to pay a state-level income tax for your income from New Jersey. Therefore your wages would have to be reported on the New Jersey NJ and then a credit for taxes paid to another state would be used on the NY return.
It seems unbelievable that the prices can be so different but unfortunately its true. While you will need to file two tax returns if you live in New Jersey and work in NYC you will receive a tax credit for any taxes that you paid for New York. After living in NJ and working in the city for nearly 10 years I have learned that this scenario was actually giving me the best of both worlds and here is why.
I do not know the exact details. Just make sure to file your New York State tax return first to receive the tax credit. Theres no denying that living in New Jersey is better for your wallet.
If you are a NJ resident and work in NY you have NY source of income and you pay income tax to NY. In 2016 the cost per square foot in NYC was around 1759 while in NJ you would pay 170. New York NY does not have a reciprocal agreement with any state.
That prevents you from being taxed on the same income by both states.
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