IRS Data Indicates Taxpayers Leaving California - Be Certain to Exit Correctly

The IRS released its most recent State-to-State Migration Data which summarizes information gleaned from individual income tax returns. Trends indicate that taxpayers are migrating into states including Texas, Florida, Colorado, and South Carolina, whereas taxpayers are leaving New York, Illinois, California, New Jersey, and Pennsylvania. Conclusions regarding the reasons taxpayers move may vary; however, self-interest usually prevails. Not surprisingly, the trend indicates taxpayers are leaving states with higher income tax rates and moving into states like Texas, which has no individual income tax. If you are a California resident and plan to either permanently change your tax domicile to another state, or become a part-year resident, it is important to make sure you take the necessary steps to end your residency with California and that you understand any continuing tax obligations you may have in California. Taxpayers should consult a California tax professional for complete advice on California income tax obligations or if contacted by California in a tax residency audit.

To review the complete data report, click here.

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