out of state income

Forum|Forum|2 years ago
February 28, 2024
1 reply
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We moved my mother-in-law to VA in December of 22, so she was a resident of VA for the entire year of 23. We kept one bank account open in NY. We left it open because her Husband died 10/2022 and that is the account any insurance checks would automatically go to. Also her Husbands federal retirement check gets deposited there as well. My question is since the checks get deposited in a NY account does that money count as "NY state income"? what about any interest that account generates?

ThomasM125

No, the retirement income is not sourced in New York since it comes from the federal government. The investment income would not be sourced there either as it is not associated with a New York business. You can read more about New York sourced income here: New York Sourced Income

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