For some background, since the pandemic, I have been in flux, traveling, working my NYC based job remotely and making some life changes. I am newly retired, switching states, and am a bit of a loss about what to do! I would really appreciate any advice the community may have to offer.
I moved to NYC in 1990, and paid NYS/NYC taxes as a Resident from 1990 through 12/31/2023. I still own my NYC co-op apt. while I decide what to do with it. I do not live there. I have been living in Florida since at least 1/1/2024 and will be in FL for at least 184 days each year. The FL home is bigger; I have ceased my NYC job, NYC social and club connections; and participate in FL social and club connections. I changed all of my banking mail, etc. to FL address. I have many clothes and mementos from my mother in FL. I spent Thanksgiving and Christmas in FL. I am single with no children. I was working remotely until April 4, 2024 for my NYC based employer. In late February 2024, I got a Florida Driver’s License, registered to vote in FL, and changed my address with my NYC job/HR Dept. from NYC to Florida. I had Federal, and NY State and NYC* withholdings while employed at my NYC job Jan-April 2024. (*I had NYC withholdings up until the date in March when I submitted my FL address to HR.) (I do not own a car.) I have read the NYS Tax FAQ pages on this topic, but am still not clear on NYS income taxes for the rest of the year. [I still need to complete the change of address forms for NYS and the IRS on-line.]
Since I’m no longer employed, and therefore don’t have regular withholdings, I’m not sure what to do about my NYS estimated taxes. In 2024, I may do a Roth conversion and/or disbursement from my 401K so that I have a cushion to live on until my RMDs. I will be 59 ½ in September 2024. (I know the ages of 59 ½ to 63 are the “sweet spot” for doing Roth conversions so my Medicare, etc. payments are not as high.) Therefore, I would like to resolve this NY State tax issue!
Is there anything else I need to do or consider?
•Do I need to pay NYS estimated Taxes each quarter of 2024, even if I quit my NYC job in April 2024, and live in FL? If so, what NYS form # do I complete, for a non-resident?
•Will I need to pay NY State income taxes on a Roth Conversion in 2024, if I do not live in NY State in 2024 (but still own an apt. there?)
Thank you for any advice!
Statistics: Posted by Poppy — Sun May 19, 2024 11:19 am — Replies 1 — Views 131