I'm moving from Spain to NYC on a 2-year assignment with a $5,931/month net stipend that is tax-exempt under my program. Do NY state or local taxes still apply to this stipend, and realistically, what are the living costs and how much can I expect to save each month if I share an apartment?
You will likely be considered a New York resident for tax purposes, but the provided documents do not confirm if the state will honor your program's tax exemption or how much you can expect to save.
You did the right thing by checking on your state and local tax rules before moving, as state rules often differ from federal ones.
Because you are moving to the city for a two-year assignment, you will likely meet the test for a statutory resident.
New York State and New York City consider you a resident if you maintain a permanent place of abode there and spend 184 days or more in the state or city during the taxable year. As a resident, you are generally subject to state and city tax on all your income, no matter where it is earned.
While your stipend is tax-exempt under your program, the provided documents note that some states honor federal tax treaties and some do not. The documents do not state whether New York specifically honors the exemption for your foreign stipend.
Additionally, the provided documents do not contain cost-of-living data to estimate your monthly savings or living expenses.
