IRA TIMING AND STATE TAX
Hi i will be 72 and will be required to take RMD in 2022. if i move to FLORIDA in MAY 2022 and wait till JUNE 2022 to establish FLORIDA residency and then take my RMD WILL I HAVE TO PAY INDIANA STATE TAX ON RMD FOR 2022?
Hi i will be 72 and will be required to take RMD in 2022. if i move to FLORIDA in MAY 2022 and wait till JUNE 2022 to establish FLORIDA residency and then take my RMD WILL I HAVE TO PAY INDIANA STATE TAX ON RMD FOR 2022?
Permalink Submitted by Alan - IRA critic on Sat, 2021-12-18 16:43
For most states, you must firmly establish permanent residence in the new state (FL) before you take IRA or other retirement account distributions. Establishing permanent residence includes having all your mail sent to your new state residence and reporting the new address to all your account custodians, establishing a new checking/ban account in the new state, getting a driver’s license and surrendering the former one, and re registering any vehicles in the new state, notifing the IRS of your change of address. I doubt that IN has any other special requirements that are more typical for higher tax states like NY or NJ, but you might check with the IN tax department or tax booklet for additional info.
Permalink Submitted by gautam SHAH on Sat, 2021-12-18 16:57
thank you