wandering mike
Texas Gulf coast
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Joined: 01/23/2005
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Ohio taxes retirement income. The key is to be a resident of someplace else. I am a resident of Texas and the DW is an Ohio resident. I make sure I am in Ohio less than 6 months. Many factors come into play with residency, including things like voter registration, driver's licenses, etc. Here is a page that discusses Ohio a bit. http://www.entrepreneur.com/tradejournals/article/161130540.html
Wandering Mike
Coachmen Class C - 22 RK - Full Time
Mazda Miata Toad
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Getup'ngo
Utah
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Joined: 02/18/2007
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Here is a quick link to state taxation of retirement income:
http://www.retirementliving.com/RLtaxes.html
Janice and Bandit the Wonder Dog (+ Kiwi too!)
2000 Holiday Rambler Vacationer, 2 slides
Toad green 2001 Honda CRV / Blue Ox towing system
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Jamesrpm
Oregon Coast
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Joined: 08/30/2003
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Is it just me , but I wouldn't think of asking for tax advise on a RV website. Of course I wouldn't think of asking my accountant about my RV either.
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I plan on living forever , so far , so good
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mobeewan
Hampton, Va
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Joined: 01/03/2007
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A friend moved to Rhode Island from Virginia. He was there for a year and a half and moved back to Virginia. When he did his taxes after moving back both states made him pay taxes for the full year when he filed the state taxes for each state. He was going to fight it and the guy doing his taxes told him not to bother. The guy doing his taxes claimed the full amount from both states on the friends federal taxes when he itemized deductions. The amount he got back from the feds more than made up for what he lost to the 2 states by not paying the partial year for each state. Go figure.
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Bumpyroad
Virginia
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Joined: 12/01/2005
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thanks, I bookmarked it.
bumpy
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Bumpyroad
Virginia
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Jamesrpm wrote:Is it just me , but I wouldn't think of asking for tax advise on a RV website. Of course I wouldn't think of asking my accountant about my RV either.
I think it is a good place to get some ideas, but certainly not the final word on anything. I mean I would like to get some real life information from residents of states that I am interested in.
bumpy
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Bumpyroad
Virginia
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mobeewan wrote:A friend moved to Rhode Island from Virginia. He was there for a year and a half and moved back to Virginia. When he did his taxes after moving back both states made him pay taxes for the full year when he filed the state taxes for each state. He was going to fight it and the guy doing his taxes told him not to bother. The guy doing his taxes claimed the full amount from both states on the friends federal taxes when he itemized deductions. The amount he got back from the feds more than made up for what he lost to the 2 states by not paying the partial year for each state. Go figure.
that doesn't make a whole lot of sense to me, IIRC, the states I have lived in have a space for indicating dates of residence. Now property tax may be different. In VA, if you own a boat on Jan 1, and sell it Jan 2, you pay property tax on it for the whole year. I always prorated income when I moved. And I don't see how it is possible to gain money by paying the extra tax. As I remember from back when I was doing my own taxes, was that taxes paid were entered as a deduction so you are only getting 33-40% back.
bumpy
* This post was
edited 10/07/08 05:23am by Bumpyroad *
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mobeewan
Hampton, Va
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Joined: 01/03/2007
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Bumpyroad wrote:mobeewan wrote:A friend moved to Rhode Island from Virginia. He was there for a year and a half and moved back to Virginia. When he did his taxes after moving back both states made him pay taxes for the full year when he filed the state taxes for each state. He was going to fight it and the guy doing his taxes told him not to bother. The guy doing his taxes claimed the full amount from both states on the friends federal taxes when he itemized deductions. The amount he got back from the feds more than made up for what he lost to the 2 states by not paying the partial year for each state. Go figure.
that doesn't make a whole lot of sense to me, IIRC, the states I have lived in have a space for indicating dates of residence. Now property tax may be different. In VA, if you own a boat on Jan 1, and sell it Jan 2, you pay property tax on it for the whole year. I always prorated income when I moved. And I don't see how it is possible to gain money by paying the extra tax.
bumpy
This did happen several years ago, and I was there when they were discussing the problem with the state taxes. The guy was going over my taxes when the friend walked up and told him about each state wanting taxes for income earned during the full year. I can only tell about what I heard. As far as getting back more money it was when he itemized his federal taxes and listed the taxes paid to each state when he itemized. Since he paid each state the full year the amount he claimed when itemizing was higher. Combined with moving expenses, medical for the family and everything else he claimed the addition of the higher taxes paid to each state caused him to get back more from the his federal return. The difference he got back from the feds was more than he lost to the states. It's just the way the numbers worked out in his case.
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Need for speed
Ohio
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Joined: 04/24/2007
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Thank you all for your info.
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Bumpyroad
Virginia
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"Combined with moving expenses, medical for the family and everything else he claimed the addition of the higher taxes paid to each state caused him to get back more from the his federal return. The difference he got back from the feds was more than he lost to the states. It's just the way the numbers worked out in his case."
OK, everything deducted was more, not that he gained by paying extra taxes.
that makes more sense.
bumpy
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