DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing Moving States in a Tax Year
Apr 7, 2025
A. Howard, a savvy CPA specializing in tax advice, joins the conversation to unpack the tax implications of moving states. They dive into the complications of state income taxes when relocating mid-year, emphasizing the critical need for proper income categorization. The lighthearted banter about car troubles sets the tone, but the discussion quickly shifts to the real importance of navigating market fluctuations and maintaining long-term investment strategies amidst relocation challenges.
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Market Downturn Advice
- If you're a long-term investor, don't panic during market downturns.
- Stay calm, stick to your investment plan, and take advantage of lower prices.
Moving States and Taxes
- When moving between states in the same tax year, understand the tax rules for both states.
- Consider consulting a CPA for complex situations.
Taxing Earned vs Unearned Income
- Earned income (wages, 1099s) is taxed based on where you earned it.
- Unearned income (interest, dividends, retirement distributions) requires determining when it was received.