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Old 01-09-2019, 07:49 AM
 
3 posts, read 153 times
Reputation: 10

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Hello,
I am looking for a little insight. I retired in Virginia and took out $150K from my 401K right before moving to South Carolina. I only lived in Virginia until June and am a bit confused as to who I pay my state taxes to. Some of my friends tell me that I will owe Virginia the taxes on the full amount and others tell me that I only pay taxes on the amount of time that I lived there.
Has anyone ever had this situation?
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Old Yesterday, 07:34 AM
 
Location: Roanoke, VA
1,702 posts, read 3,118,752 times
Reputation: 944
You need to look at the instructions for VA form 760PY and you will need to file a part-year return since you were a part-year resident. You will have to file a S.C. tax return also. S.C. gives you the option of filing a full-year or part-year return. Since you have to file in Va. too, you are better off filing a part-year return in S.C. as you don't want to pay tax to both states on the income you received while in Va.

I believe since you took the 401K distribution while a Virginia resident, you will report it as Virginia income. And you will pay Va. income taxes on the full amount of that withdrawal that is taxable, but you won't pay S.C. tax on it --- assuming you file a S.C. party-year return. Both states have info. on filing part your return on their websites.
https://dor.sc.gov/forms-site/Forms/GenInfo_2018.pdf
https://tax.virginia.gov/sites/defau...structions.pdf
Good luck.
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Old Yesterday, 08:05 AM
 
3 posts, read 153 times
Reputation: 10
Thank you TN Lily, I appreciate the information.
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Old Today, 06:10 AM
 
Location: Roanoke, VA
1,702 posts, read 3,118,752 times
Reputation: 944
You are welcome. Again, good luck.
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