Thinking of moving out of Manhattan to live in Jersey City-NJ, with home office still being the NYC office. Is there any major tax implications?
Comp. for reference: $240k
Thanks in advance 🐠 fam!

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Are you single? 🤷🏻‍♀️

likefunny

NYC Tax only applies to residents of NYC. If you live in NYC, you pay NYC tax. If you live in NJ and work in NYC, you pay NY state tax, and claim a credit for taxes paid in NY on your NJ return but you do not pay NYC resident tax. (Will be some residual NJ tax as well in NJ scenario)

likehelpful

240K? What’s your level?

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Comp won’t be adjusted. 3% city tax savings

likesmart

@p2 I am 🙋‍♂️ comp is 🥜 .. for reference lol

likefunny

Possibly tax and Lower Comp due to NJ. Also choose any other city than JC. Newport or West NY.

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Pretty sure you’ll owe some city tax as you’ll be commuting to/working in NYC. They will take what they can

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Yeah, unless you work from home, NYC city tax will still apply. I always try to limit the amount of time I am actually in the city as our travel is monitoring for withholding

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OP - it’s best to talk to a tax guy before you pull the trigger

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For Deloitte you still need to put your hours in the NY office even if you live in NJ so you’ll be taxed that way. Just something to keep in mind even if you work from home in jersey most of the time - policy is to bill where your designated home office is.

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Damn, you’re a consultant getting paid 240k a year and you can’t spare some change to get an actual accountant to give you legit tax advice?

funny

PWC 1, I stand corrected

@D3 tax guy...? You mean Mr. Turbo Tax? #livesoftheundwepriviledged

Live in JC (Hamilton Park) love it. Newport isn’t that appealing honestly, not much to do and somewhat dirty.
IIWY OP - check out places around Grove St. Happy to chat more about it if you like, have been here for over a year now and it’s wonderful

You can also likely transfer to the Parsippany office, then spend your time at 30 Rock. A lot of SM/PMDs officially transfer there or to Stamford for tax purposes

@booz Allen 1 - you ever met a wealthy person who doesn’t like to save money where they can? That’s why they’re rich 😝

C1, is that true? I’m under the impression that tax law is based on physical location worked, not office location

D7 - yes you have to put the location of your assigned home office if you’re working from home.

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