- April 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Handling State Taxes for Military Personnel
This may be a common question among military personnel, but understanding the nuances of state taxes can be quite complex. The situation described involves a service member being stationed in Colorado but maintaining Oregon as their State of Record for tax purposes.
### State Taxation Dilemma
The issue at hand is whether investment income (such as interest, dividends, and capital gains from stocks sold) should be taxed by Colorado, where the service member is stationed, or by Oregon, their State of Record. Given that Oregon taxes the military pay but refunds it at the end of the year, the taxation of investment income becomes a crucial question.
### AI Legalese Decoder Solution
Using an AI Legalese Decoder can help simplify and clarify the tax implications in this scenario. The tool can analyze the applicable tax laws and regulations for both Oregon and Colorado to determine the correct tax treatment for investment income. By inputting specific details into the decoder, the service member can receive a clear answer on whether Colorado or Oregon should tax their investment income.
### Seeking Expert Advice
While seeking guidance from a tax advisor on TurboTax is a good start, consulting with a tax professional who specializes in military tax matters may provide more definitive answers. Given the unique circumstances of military service, it’s important to ensure compliance with state tax laws to avoid any penalties or overpayment of taxes.
### Conclusion
In conclusion, navigating state taxes as a military member can be challenging, especially when stationed in one state but maintaining residency in another. By utilizing tools like an AI Legalese Decoder and seeking expert advice, service members can clarify their tax obligations and make informed decisions regarding their investment income taxation.
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****** just grabbed a
When I was in, I always paid tax on my interest/dividends/etc to my state of legal residence. **However**, the amount of tax from all that was never more than a few dollars (most of my money went to retirement investing or paying back student loans).
I’m no financial advisor or tax expert, but I’m pretty sure that “by the book” your unearned income, being non-military income, is considered sourced in the state you live in when receiving it (CO). Meaning the “right” answer would technically be you need to file a non-resident CO return for that income (and leave it off your OR taxes).
But again, I’m no expert on this particular…just giving my interpretation of sources of income and non-military vs military income.
My understanding is that is always taxed from your state of residence. The exception being investment income earned from Colorado sources (like a rental property)
I can’t quote you the IRS rules so i would definitely seek confirmation, but here’s an article that seems to echo it. I’m a Florida resident and haven’t paid income tax on anything.
BL: I think you have to still file for Oregon and pay tax on investments for Oregon, but not CO
https://clsheldon.com/blog/active-duty-military-do-you-really-understand-your-state-income-taxes
From SCRA:
> (1)Relief from personal property taxes
The personal property of a servicemember or the spouse of aservicemember shall not be deemed to be located or present in, or to have a situs for taxation in, thetax jurisdiction in which the servicemember is serving in compliance with military orders.
Why are you paying taxes to Oregon? My understanding is they do not tax military income if you’re not in the state. Call finance and stop them from taking it out.
Paying taxes to Oregon and then getting it all back at the end of the year is insane. That’s your money, keep it yourself.