Monday, April 28, 2008

Rick, thanks for posting your question on my blog.

Before deciding which state forms and or state returns you would need to file, find out which state residency (NY, GA or CT) do you have as of year end i.e. 12/31/2008 (I believe you are talking about 2008 and not 2007). If you lived in NY for most of 2008 then you would be a NY resident.

Since, you will be working as an employee in CT, you will need to file a CT return regardless of whether or not you will be a CT resident. As far, filing NY or GA return, your forms will be based on answering the above question. If you are a NY resident then you would need to file a NY State return as a resident and non resident return for CT. Make sure to allocate your earnings to CT (for wages earned in CT), also don't forget to claim NY education credits.

I would need additional information to answer your question regarding whether or not your parents should claim you as a dependent. But based on the information you have provided it would be beneficial to you as well as your parents to file seperate returns and you claim the education expenses on your personal return.

I hope this information helps.

Regards,

A S Mehdi

Ricky has left a new comment on your post "Dear Visitor, Did you acquire the stocks you sold ...": Hi,I recently came across your blog and had a question for you.I'm 21 and in college and ignorant/oblivious of all things tax-related. I will be doing a summer internship in June that will pay me about 10-14k (dependent on bonus/overtime). The job is in Connecticut but I will be living in my school's dormitories in NYC and commuting. My "permanent address" (my parents home and the address I've used "officially" up until now) is in Georgia.I wanted to know what state forms I need to fill out and how my choices will affect any credits/rebates that my parents or I am eligible for. How should I file (whether independent of my parents or let them claim me as a dependent or whatever else can be done?).My parents currently make about 75-90k annually and pay for my tuition of about 46k and will pay for tuition for my brother as well starting this fall of about 15k (if that makes any difference). Any thoughts on what the optimal strategy is for me? Any and all help is very much appreciated. Please contact me at rick86 at gmail.com if I can provide any other useful information for you.Thanks,Rick

Thursday, April 10, 2008

Dear Visitor,
Did you acquire the stocks you sold from your company in an ISO i.e. incentive stock options? If your answer is yes then most likely it is reported on your W-2. Please check your W-2 if the box 12 or 14 has a code V. You would also need to disclose this sale on Sch D, but make sure to increase the Basis of Stocks to eliminate any Gain or Loss.

I hope this information helps.

Ashraf S. Mehdi