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Commuting to the City is more expensive. I havent commuted to the City in 4 years but my train ticket was $550 a month plus subways, parking at the train station. Also, dont forget lunch in the City which will be a minimum $15-20 a day (nobody is a packing a lunch). Then you have add in all the New York City taxes. I had an extra 1,500 a month in my pocket by switching back to NJ.
I don’t know where you were commuting from but OP is in Bergen County as am I. A monthly bus pass is $167 where I live. A monthly train pass would be $227. OP doesn’t need a monthly pass since their commute is only 3x per week so their cost is likely even lower. Also, a lot of employers let you contribute to a commuter plan from each paycheck so you purchase your mass transit tickets with pre-tax dollars. The amount you pay is really negligible when compared to driving. My wife is a stay at home mom and we still somehow Pat about $400 a month on gas. Driving ain’t cheap these days. I will admit though, I personally find driving more pleasant but that’s subjective.
And last I checked you still have to eat lunch if you work in NJ.
Has anyone mentioned the tax implications? Crossing state lines to work sucks unless you have no other options. My wife (and my ex) did it for years. The situation always complicated our tax returns.
I maintain a residence in NYC to avoid it. Given the option, I’d choose work in my state of residence every time unless the salary differential was significant.
So you pay NYC resident taxes even though you don’t live in NYC and somehow you think this is the better choice?
So you pay NYC resident taxes even though you don’t live in NYC and somehow you think this is the better choice?
My pension - the bulk of my income - is tax free in NY. NJ is not retiree friendly.
It's cheaper for me to maintain an apartment - which I use frequently anyway - than to let NJ tax my pension. Especially since I still work in NY anyway.
So you pay NYC resident taxes even though you don’t live in NYC and somehow you think this is the better choice?
I already took the job in Jersey, signed on the dotted line and everything. But if I had taken the NYC one, I probably would have ended up moving there. It’s hard to take advantage of going out after work if you have to then catch the next bus home and time it carefully. Plus, the savings on the tax returns.
I already took the job in Jersey, signed on the dotted line and everything. But if I had taken the NYC one, I probably would have ended up moving there. It’s hard to take advantage of going out after work if you have to then catch the next bus home and time it carefully. Plus, the savings on the tax returns.
Well...your taxes would have been higher if you were a NYC resident than a NJ resident working in NY, since as a resident you'd be subject to NYC income tax.
My pension - the bulk of my income - is tax free in NY. NJ is not retiree friendly.
It's cheaper for me to maintain an apartment - which I use frequently anyway - than to let NJ tax my pension. Especially since I still work in NY anyway.
You get at least a partial exclusion in NJ...once you turn 62. It grated me for the years from 57 through 61 that I had to pay tax on my NYS pension. Now most of it is excluded.
My pension - the bulk of my income - is tax free in NY. NJ is not retiree friendly.
It's cheaper for me to maintain an apartment - which I use frequently anyway - than to let NJ tax my pension. Especially since I still work in NY anyway.
Ah, ok. I haven’t researched how different states treat retirement income since it’s so far away for me anyway.
Quote:
Originally Posted by sol210
I already took the job in Jersey, signed on the dotted line and everything. But if I had taken the NYC one, I probably would have ended up moving there. It’s hard to take advantage of going out after work if you have to then catch the next bus home and time it carefully. Plus, the savings on the tax returns.
Congrats on the new job. Having a choice between two offers was a good problem to have.
You get at least a partial exclusion in NJ...once you turn 62. It grated me for the years from 57 through 61 that I had to pay tax on my NYS pension. Now most of it is excluded.
For now I’m good because I have a family member needing help with a place to live anyway, but when that ends or I decide to work in NJ, I’m going to have to deal with it I guess.
For now I’m good because I have a family member needing help with a place to live anyway, but when that ends or I decide to work in NJ, I’m going to have to deal with it I guess.
Haha, I know that deal. I've got a family member who needed help living in my place in New Jersey while I am in Canada.
My pension - the bulk of my income - is tax free in NY. NJ is not retiree friendly.
It's cheaper for me to maintain an apartment - which I use frequently anyway - than to let NJ tax my pension. Especially since I still work in NY anyway.
Hmm. That just may be illegal, unless you spend more than six months sleeping in that apartment. Six months and one day may be the rule if memory serves, but check with your accountant.
No wonder you find taxes complicated. Playing games and trying to eek out residency is never simple.
Keep a log of the nights you spend at the nyc apartment. Back it up with toll and food receipts. You’ll need backup in case you are audited. Don’t be surprised if you are audited, but be prepared.
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