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Live in NJ and work in NY. I'm trying to figure out if my earned interest on savings account is taxed in NY?


I have two savings accounts. One is HSBC, where I earned ~$235 of interest. The 1099 form said Buffalo, NY. The other is Bank of America, where I had $50 earned. Their form had NC as the location. Is the HSBC interest taxable in NY, but the Bank of America isn't?

My online savings account is located in New York, but I live in NJ. So I only pay NJ income tax on it. If my bank was located out of the country, then I may owe foreign income tax.

As long as your bank is located in the United States, you will only be responsible for taxes in your state.
Interest is taxable where you live. The location of the bank is not relevant. So you'll be paying NJ taxes.
http://www.quitecontrarian.com
You are only responsible for paying taxes in NJ even if you work or generate income in NY state.
CPA
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