Whether you’re working from home out of choice—or perhaps out of necessity due to the pandemic—you may face some unanticipated tax consequences as a telecommuter. That’s especially true if you live in a state that's different from where your employer is located.
We’ve highlighted several scenarios that might apply to you, and provided some guidance. Even if you don’t live or work in the locations mentioned, it’s possible your tax situation could be similar based on applicable laws.
The information provided isn’t meant to be comprehensive – but rather to make you aware of potential tax implications so you can take the appropriate actions. Please contact your Ayco advisor for more details. If you’re not sure whether your company offers Ayco Financial Counseling, please talk to your human resources representative.
As you can see, tax laws vary widely from location to location. Congress is considering legislation that would provide relief for telecommuting employees by making these rules more consistent and limiting how states tax remote workers. However, such legislation has been proposed numerous times before without becoming law.
Please contact your Ayco advisor to understand the implications on your personal situation. If you’re not sure whether your company offers AycoFinancial Counseling, please talk to your human resources representative.
This material was prepared by The Ayco Company, L.P. d/b/a Goldman Sachs Ayco Personal Financial Management (“Ayco Personal Financial Management” or “Ayco”), an affiliate of United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”). This material was prepared for informational purposes only and should not be construed as personal financial planning, investment, tax, accounting, or legal advice. No investment decisions should be made using this data. GS PFM believes the material used for the article is accurate, but does not verify its accuracy independently and does not warrant or guarantee that is it accurate or complete. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. ©2021 The Ayco Company, L.P., d/b/a Goldman Sachs Ayco Personal Financial Management. All Rights Reserved. Brokerage services are offered through Goldman Sachs & Co. LLC and Mercer Allied Company, L.P. (a limited purpose broker-dealer), both affiliates of Ayco and members FINRA/SIPC.
Additional materials and revisions by © 2021 United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management. All Rights Reserved.
United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) is a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization.
The information contained herein is intended for informational purposes only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances. Please contact your financial adviser with questions about your specific needs and circumstances.
Information and opinions expressed by individuals other than GS PFM employees do not necessarily reflect the view of GS PFM. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.
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