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Old 03-11-2019, 08:35 AM   #41
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Lots of Florida license plates on Long Island.
In January?
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Old 03-11-2019, 09:13 AM   #42
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Pizza and bagels - no matter how good - are not exceptional food.

Ummm... depends on who makes the pizza.
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Old 03-11-2019, 09:38 AM   #43
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When I left MN, MN was threatening to tax 401K/IRA withdrawals regardless of what state you lived in later. If you earned the $ in MN when you deferred the income, MN was going to tax it when you withdrew it.
Makes sense logically but a pain if someone has moved several times like we have.
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Old 03-11-2019, 09:41 AM   #44
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Tax collectors doing their job.

Who knows when some folks stocked up on quality Scott toilet paper but presents themselves as owning dollar store quality .
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Old 03-11-2019, 09:51 AM   #45
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When I left MN, MN was threatening to tax 401K/IRA withdrawals regardless of what state you lived in later. If you earned the $ in MN when you deferred the income, MN was going to tax it when you withdrew it.
My understanding is that federal law precludes them from doing that.

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.... In 1995, Representative Barbara Vucanovich (R-Nev.) and Senator Harry Reid (D-Nev.) proposed legislation (H.R. 394) to address these public policy concerns. While Congress recognized that states have the right to raise revenue in many ways, and that some states have the statutory right to tax many types of nonresident retirement (deferred) income, it also determined that the practice of taxing nonresidents’ pension income is too great a financial burden on retirees. Accordingly, the bill passed both the House and Senate and was signed into law by President Clinton (4 USC Section 114) on January 10, 1996. The law was entitled the Pension Income Tax Limits Act (“PITLA”) and applies to qualifying distributions from deferred compensation plans received after December 31, 1995. PITLA prohibits a state from imposing income taxes on certain retirement income of individuals who are not residents of or legally domiciled in that state. The determination of an individual’s residence or domicile for purposes of applying PITLA is made in accordance with the laws of the taxing state(s).

There are numerous categories of “qualifying distributions” which are protected from “source tax” imposition by PITLA. All distributions from qualified trusts under IRC Section 401(a)(“qualified plan” distributions), annuity plans under Sections 403(a) and (b), IRA distributions, eligible IRC Section 457 plan distributions, and IRC Section 408(k) SEP distributions are protected. ...
https://www.congress.gov/104/plaws/p...-104publ95.pdf
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Old 03-11-2019, 10:00 AM   #46
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When I left MN, MN was threatening to tax 401K/IRA withdrawals regardless of what state you lived in later. If you earned the $ in MN when you deferred the income, MN was going to tax it when you withdrew it.
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My understanding is that federal law precludes them from doing that.

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Barbara Vucanovich (R-Nev.) and Senator Harry Reid (D-Nev.) proposed legislation (H.R. 394) to address these public policy concerns.
Thanks for the research/post. And "yay" for these two if they made it happen.
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Old 03-11-2019, 10:11 AM   #47
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Thanks Michael for the specifics on NY. Quite interesting. The idea that current NY earnings even while they accept you are a resident elsewhere seems perfectly fair. My concern, and probably that of many others here, is a state not letting go of residency and attempting to tax all of your tIRA withdrawals. Or worse, what MN was trying to do according to Spock.



If I were worried, I'd just hire a lawyer that specialized in the topic, but the time has not come for me (might never come if DW doesn't change her mind). Not that bad because I already live in a state people from the NE escape to, hehe! But 5.75% ain't nothing, and we have a fair number of potholes. I wonder if there is a place where the specific tactics of the sticky and even less sticky states are enumerated?
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Old 03-11-2019, 10:42 AM   #48
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My DH was reading about this to me on the phone.

Our governor was howling on the news about the loss of income tax revenue from the rich leaving NY. It is good reading for the new outflux of NY expats.

We are New Yorkers and part of our plan is to leave NY after retirement. It is my home, but the taxes and COL on LI are too high and DH is totally fed-up (although certainly our income tax will drop dramatically when we are no longer employed.)

I still have sons living on Long Island, but this type of article makes me nervous about keeping the family home for them to live in.
Ok, how many here have been to "Little Vincent's" in either Huntington or Lake Ronkonkoma?
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Down in Tampa unfortunately the above is mainly true, although there are exceptions to some extent.
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We'll be leaving NY in about 5 years after we stop working. My biggest fear is not being able to find exceptional food. Can't beat NY pizza, bagels, Italian food and upscale steak houses.
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Old 03-11-2019, 10:52 AM   #49
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I transferred my assets overseas before leaving NYS. I filed one last tax return with IRS and NYS for the six months I was still there. Never heard from NYS again. IRS asked me where my return was the following year, but I ignored the letter and have never heard from them again!
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Old 03-11-2019, 10:59 AM   #50
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I transferred my assets overseas before leaving NYS. I filed one last tax return with IRS and NYS for the six months I was still there. Never heard from NYS again. IRS asked me where my return was the following year, but I ignored the letter and have never heard from them again!
Hope you don't plan on returning.

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If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.
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Old 03-11-2019, 11:17 AM   #51
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Not sure if this is true but BIL claims that if he stays X straight nights in NYC they come after him for income tax for those X days.
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Old 03-11-2019, 11:22 AM   #52
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My understanding is that federal law precludes them from doing that.



https://www.congress.gov/104/plaws/p...-104publ95.pdf

Makes sense. Thanks. I left MN in 1994. Law was passed in 1996 effective YE1995.


I've lived in 3 states since then, all with an income tax. Just imagine the paper work required to track where each dollar in an IRA/401k/pension was earned. And then which state gets to claim what % of the investment earnings on that % of the deferred income earned in a given state... You'd almost have to have a separate retirement account for each state you lived in.



Given that laws are just ink on paper limited only by the imagination of the author... I wouldn't be surprised if someplace like Illinois lobbied to get the law changed back. A sympathetic administration/congress would go along with it to avoid having to fund the bailout and "make the dirty tax evaders who moved away pay their fair share".
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Old 03-11-2019, 11:25 AM   #53
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Hope you don't plan on returning.
I return several times a year and am in the process ( was at US Embassy this morning) of moving back to the USA. NYS will never know and the IRS does not care as long as I follow the rules you quoted as interpreted by me.
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Old 03-11-2019, 11:25 AM   #54
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Well, what about your sink holes?


Sinkholes are one of the reasons we moved our winter home from the Tampa area to just north of Ft Lauderdale. We had a rental in Tampa that had a sinkhole open in the parking lot in front of the townhouse. Another opened a short distance from our winter home and another near my sister-in-law’s home. We love SE Florida much more than the Tampa area too, so it was a good move.
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Old 03-11-2019, 11:26 AM   #55
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Hope you don't plan on returning.
IIRC, in another thread a few weeks ago, NYEXPAT mentioned coming back to the US in a year or so.

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Old 03-11-2019, 11:32 AM   #56
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I return several times a year and am in the process ( was at US Embassy this morning) of moving back to the USA. NYS will never know and the IRS does not care as long as I follow the rules you quoted as interpreted by me.
I think they will expect you to follow the rules as interpreted by them (the IRS), not as interpreted by you. Seems you may have some failure to file risk unless your income was such that you were not required to file.
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Old 03-11-2019, 11:33 AM   #57
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Not sure if this is true but BIL claims that if he stays X straight nights in NYC they come after him for income tax for those X days.
This is certainly true for professional athletes. For them, income earned while playing at home is taxed wherever that stadium is. Endorsements and other income, wherever their residence is. And while on the road, those locations also. Now they do get a credit on the home tax state for taxes paid to states on the road, but that is capped to their home states max rate. So if your home state is Florida (let's say you play for the Tampa Lightning (NHL)), you get to pay NY State rates on your away games with the Rangers and Islanders.
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Old 03-11-2019, 11:48 AM   #58
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Ok, how many here have been to "Little Vincent's" in either Huntington or Lake Ronkonkoma?
Haven't been there, but as you know there is a wealth of great bagel/Italian food places in Manhattan and Brooklyn.
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Article on NY audits of Florida tax refugees
Old 03-11-2019, 11:56 AM   #59
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Article on NY audits of Florida tax refugees

I relocated to Florida from New York City last year. After almost 20 years in NYC, I sold my apartment and left for good.

Since I have been early retired for several years, most of my income now is dividends and interest, so I was no longer paying a ton of state and city income taxes as a resident of NYC. But, in my experience, the public services were declining significantly along with the quality of life. A homeless camp had been created around the corner from my apartment building, The subways, roads, and other services that I relied on had been declining for years.

And frankly there was a political element. I will avoid going into details about that, out of respect for the forum rules, but both the mayor of NYC and the governor have made it clear that they don’t value people like me. In fact, several years ago the governor of NY actually stated that people with political opinions like mine were not welcome in the state.

Why should I continue to give my money to people who hate me?

There is an expression I like: “Go where you’re treated best.”

So that’s what I did.
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Old 03-11-2019, 12:34 PM   #60
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I return several times a year and am in the process ( was at US Embassy this morning) of moving back to the USA. NYS will never know and the IRS does not care as long as I follow the rules you quoted as interpreted by me.
As long as you continue to hold a U.S. passport you should have been filing a Federal return.
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