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March 17, 2024
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Attributing net interest income in NJ vs. NY

  • March 17, 2024
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I live in NY and work in NJ, but am partially hybrid (so sometimes work in NY).  My company has split the allocation so that it is 66% in NJ and 33% in NY, so I am creating my NJ non-resident return first indicating that 2/3 of my income is attributable to NJ, and 1/3 to NY.

There is a section in TurboTax about attributing "net interest income" to NJ vs. NY.  How should I do that allocation?  100% to NY, or 2/3 to NJ and 1/3 to NY?

    Best answer by rjs

    Interest income from banks or from investments is always treated as being from the state that you live in. It has nothing to do with how your W-2 wages are allocated. You should allocate the interest 100% to New York.

     

    1 reply

    rjs
    rjsAnswer
    Employee
    March 17, 2024

    Interest income from banks or from investments is always treated as being from the state that you live in. It has nothing to do with how your W-2 wages are allocated. You should allocate the interest 100% to New York.