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Q&A: A house in one state, a spouse in another. What about taxes?

January 18, 2021 By Liz Weston

Dear Liz: My husband recently took a dream job in a different state. We are renting a place there, and it is his primary residence. We own our home in the “original” state, where I live and work. We intend to keep our home for another three to four years. How will this impact our taxes? We are married, filing jointly and our income is straightforward W-2. Will we need to file as residents in both states? I know most states will credit taxes already paid on income earned in another state, but which is our “primary” residence? I may base permanently in the new state because I can work remotely. I am confused about filing jointly when each spouse lives in a different state.

Answer: Please talk to an accountant about the best way to handle your returns. In some cases, spouses who live in different states can submit their federal tax returns as “married filing jointly” while filing their respective state returns as “married filing separately.” Other times, there may be tax advantages to filing jointly in one state, or the nonresident spouse will be required to file.

If you are required to submit a return to the nonresident state, your accountant can tell you whether you qualify for credits. Alternatively, there may be a reciprocal tax agreement between states that allows nonresidents to avoid taxes if they follow certain rules.

But you’ll want to be particularly careful if you currently live in a high-tax state with a reputation for aggressive residency audits such as California, New York and Illinois.

A state auditor may decide that your husband’s move is temporary and his income is thus subject to your state’s taxes. It would be up to him to prove otherwise, and that may not be as easy as changing his voter registration. A tax pro can help guide him, and later you, on the best way to establish residency.

Filed Under: Q&A, Real Estate, Taxes Tagged With: q&a, real estate, Taxes

Thursday’s need-to-know money news

January 14, 2021 By Liz Weston

Today’s top story: 4 financial experts who could steer your wrong. Also in the news; More Americans are saving than ever before, though in unequal amounts, do’s and don’ts for planning your travel on points this year, and how to make debt less costly when you need it in a crisis.

4 Financial ‘Experts’ Who Could Steer You Wrong
Be cautious about taking advice from sources who care more about their profits than your financial health.

More Americans Are Saving Than Ever Before, Though in Unequal Amounts

Ask a Points Nerd: Should I Book Award Travel for 2021?
Here are some do’s and don’ts for planning your travel on points this year.

How to Make Debt Less Costly When You Need It in a Crisis
Americans have taken on more debt as the pandemic brought widespread job and income losses, according to a survey.

Filed Under: Liz's Blog Tagged With: debt, financial experts, Savings, tips, travel rewards

4 financial ‘experts’ who could steer you wrong

January 14, 2021 By Liz Weston

None of us knows everything we need to know about money, so we may turn to experts for help. But some money professionals who offer advice are not qualified to do so — nor are they required to put our interests ahead of theirs.

In my latest for the Associated Press, be cautious when accepting advice from certain sources.

Filed Under: Liz's Blog Tagged With: advice, financial experts

Wednesday’s need-to-know money news

January 13, 2021 By Liz Weston

Today’s top story: How to decide if loyalty to a hotel or airline is worth it in 2021. Also in the news: The timeline remains unclear on extending payment pause to student loan borrowers, how one late student loan payment affects you, and what questions to ask before buying homeowners insurance.

How to Decide If Loyalty to a Hotel or Airline Is Worth It in 2021
In this uncertain year, keep these factors in mind when deciding whether to change your travel loyalty memberships.

Biden Will Extend Payment Pause for Student Loan Borrowers. Yet Timeline Remains Unclear

Buying homeowners insurance? Ask these 4 questions first
Your insurance policy is your safety net in case of a disaster, so you’ll want to ask a few important questions before forking over your premium

How One Late Student Loan Payment Affects You
Find out the truth.

Filed Under: Liz's Blog Tagged With: airline loyalty, homeowners insurance, hotel loyalty, late student loan payments, student loan payment pause

Tuesday’s need-to-know money news

January 12, 2021 By Liz Weston

Today’s top story: Simplifying and saving during the pandemic. Also in the news: Hoping for student loan forgiveness won’t pay the bills, alternatives to Simple, and how to apply for rent assistance.

A Pandemic Shift in Finances: Simplifying and Saving
People are reassessing their priorities, finding ways to simplify life and put more money aside.

Hoping for Student Loan Forgiveness Won’t Pay the Bills
Even with payments currently paused, borrowers need a strategy that doesn’t count on forgiveness for federal loans.

Losing Your Simple Account? Some Alternatives Worth a Look
Fans of the soon-to-close app might like options including Radius Bank, Varo and Personal Capital, among others.

How to Apply for Emergency Rent Assistance
How to take advantage of the newly-released plan.

Filed Under: Liz's Blog Tagged With: saving during the pandemic, Simply alternatives, student loan forgiveness, tips

Monday’s need-to-know money news

January 11, 2021 By Liz Weston

Today’s top story: Jump start your credit with a free credit score. Also in the news: A new episode of the Smart Money podcast on COVID scams and small money goals, why you shouldn’t bank on student loan forgiveness, and how to apply for the second round of PPP loans for small businesses.

Jump-Start Your Credit: Begin With a Free Credit Score

Smart Money Podcast: COVID Scams and Small Goals

Why You Shouldn’t Bank on Student Loan Forgiveness

How to apply for the second round of PPP loans for small businesses
Who qualifies, how much you can get, and which loans will be forgiven

Filed Under: Liz's Blog Tagged With: COVID scams, financial goals, free credit score, PPE loans, Smart Money podcast, student loan forgiveness

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