I am in the military and a TX resident (no state tax). My wife and I live in MD and she works and pays taxes there. We have several savings accounts that have a couple of thousand dollars in interest income for the year. They are joint accounts. How do we figure how much of that joint interest is subject to MD state tax?
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24. January 2010 at 10:55 am
Half of the interest from TX (community property state) accounts plus all of the interest in any accounts anywhere else.
24. January 2010 at 10:55 am
If she is a not a MD resident like you then file a joint nonresident MD return and pay tax only on her wages. Interest income is never taxed in nonresident states.