[retiredguy123]

Originally Posted by scubawva

Good to know. The Sumter County webpage says SC residents only, so either that’s not applicable or it’s new since you used the service. Either way the office is efficient and easy to navigate, not always true.

See Post No. 15

[Villager-2024]

Originally Posted by retiredguy123

The website is not correct on this. If you are not a Sumter County resident and they are busy, they can refuse to serve you. However, if you go when they are not busy, non-Sumter County residents can get everything done. That includes drivers license, vehicle title, vehicle registration, and voter registration. And, it doesn't matter if you are a homeowner or a renter.

Of course renter v owner is a non-issue when establishing residency. Good to know the SC website is accurate - somewhat! Knowing they have the SC residents only policy as stated, yet are willing to waive it if not busy is good customer service, something we know doesn't always exist. I was v impressed with the speed and professionalism of the entire process. Was surprised how many were turned away bc they did not have 2 pieces of mail with FL address - that requirement and what satisfies it are clearly stated on the website, apparently some think they can "get by". They can't. I read that and ordered my SECO a month in advance to start on X date so I'd have the letter in time.

[mtdjed]

Originally Posted by LuvtheVillages

First, your math is off. June 15 is only 166 days into the year.



Another response about moving money was partially correct. If he is entitled to any lump sum distributions, arrange to receive them after establishing residency in FL and updating your address with the payer. If received while a resident of the old state, then the old state taxes it. But it doesn't matter where the bank account is located. If you receive pension payments while in both states, you should receive 2 form 1099R's - one for each state.

It is important that anyone who pays you money - including your investment accounts, have your FL address on file. Even if it's a temporary rental address.

My point also says change the address that pension, lump sum, and investment brokers have and stop tax deductions to the old state on those payments. Once they have your money , it will be much harder to get it back.

[retiredguy123]

Originally Posted by mtdjed

My point also says change the address that pension, lump sum, and investment brokers have and stop tax deductions to the old state on those payments. Once they have your money , it will be much harder to get it back.

I believe that mandatory tax withholding of income tax only applies to wages and certain other earned income, not to other payments, such as pensions, social security income, IRA transfers, or other payments. I never allow anyone to withhold taxes from any of my payments. I pay all income taxes directly to the IRS with quarterly estimated payments. I don't understand why some people allow a third party to withhold money from their income.

[n8xwb]

When I retired in 2004 I lived in Pennsylvania. I moved into my motor home and lived in it full time for three years. Prior to that adventure I knew the endgame was to buy a home and live in Florida.

I contacted American Home Base, a mail forwarding company that is located in Pensacola, FL. They are familiar with and will enable you to have a legal residence almost immediately in Florida as they will provide you with both a post office box number AND physical Florida address. On our first trip to Florida in the motor home I stopped at their business address and they directed me to the The Florida Motor Vehicle Office where I got my Florida licence and plates. Back then their service was dirt-cheap $10/month, as I recall plus the actual postage for any mail I wanted forwarded. I would call them perhaps twice a month and give them an address where I wanted the mail. Check out their website and give them a call -- I expect they can/will answer all of your questions!

Florida Mail Forwarding Service ⋆ American Home Base, Inc.

Good luck and welcome (almost) to the Free State of Florida!

[Villager-2024]

Originally Posted by n8xwb

When I retired in 2004 I lived in Pennsylvania. I moved into my motor home and lived in it full time for three years. Prior to that adventure I knew the endgame was to buy a home and live in Florida.

I contacted American Home Base, a mail forwarding company that is located in Pensacola, FL. They are familiar with and will enable you to have a legal residence almost immediately in Florida as they will provide you with both a post office box number AND physical Florida address. On our first trip to Florida in the motor home I stopped at their business address and they directed me to the The Florida Motor Vehicle Office where I got my Florida licence and plates. Back then their service was dirt-cheap $15/month, as I recall plus the actual postage for any mail I wanted forwarded. I would call them perhaps twice a month and give them an address where I wanted the mail. Check out their website and give them a call -- I expect they can/will answer all of your questions!

Florida Mail Forwarding Service ⋆ American Home Base, Inc.

Good luck and welcome (almost) to the Free State of Florida!

The USPS does the same - for free except the cost of the PO Box. I was between homes for the last 9 months, opened a PO Box which also you can use the physical address of that PO location. Changed address on DL, all accounts, etc. Never an issue.

There are many 3rd party services like AHB if for some reason you don't want to use the PO. The PO and 3rd party services like these are very common with the homeless & transient populations. All your mail will of course go through the PO before reaching AHB or another like service, good thing is very little critical business can't be handled online so there is little required "snail mail".

The OP is going to have a FL address, he is renting, so no need for an interim address if the timing works - hoping it does, there are plenty of nice rentals available.

[Villager-2024]

Originally Posted by Villager-2024

The USPS does the same - for free except the cost of the PO Box. I was between homes for the last 9 months, opened a PO Box which also you can use the physical address of that PO location. Changed address on DL, all accounts, etc. Never an issue.

There are many 3rd party services like AHB if for some reason you don't want to use the PO. The PO and 3rd party services like these are very common with the homeless & transient populations. All your mail will of course go through the PO before reaching AHB or another like service, good thing is very little critical business can't be handled online so there is little required "snail mail".

The OP is going to have a FL address, he is renting, so no need for an interim address if the timing works - hoping it does, there are plenty of nice rentals available.

I can't figure out how to edit, sorry.
The PO worth considering if you do not need to forward mail to multiple locations monthly as a 3rd party service does. If like the OP you need a FL address the PO works. Options are good.

[Bill14564]

Originally Posted by retiredguy123

I believe that mandatory tax withholding of income tax only applies to wages and certain other earned income, not to other payments, such as pensions, social security income, IRA transfers, or other payments. I never allow anyone to withhold taxes from any of my payments. I pay all income taxes directly to the IRS with quarterly estimated payments. I don't understand why some people allow a third party to withhold money from their income.

Withholding triggers safe harbor rules when determining if there is an under-payment penalty.

Accurate calculation of estimated taxes avoids penalties also but that relies on the investment company to be timely and accurate - once was enough for me.

[Triker]

After changing drivers license, registration/titles, and registering to vote, you can severe all ties to your previous state if you also file a Florida declaration of domicile at the courthouse of whichever county that you plan to reside in. If I recall it has to be notarized and only cost $10 to file it.

[CarlR33]

Originally Posted by Dusty_Star

///

exactly?

[Haggar]

Originally Posted by Bill14564

Withholding triggers safe harbor rules when determining if there is an under-payment penalty.

Accurate calculation of estimated taxes avoids penalties also but that relies on the investment company to be timely and accurate - once was enough for me.

Withholding doesn't trigger anything. An underpayment of required taxes triggers the underpayment penalty calculation. I prefer my clients use withholding - such as from their social security checks - rather than quarterly payments. Two reasons: 1. they sometimes forget their quarterly payments 2. Withholding is treated as paid in equally during the whole year even if the withholding is started mid year.

Clients sometimes project they will have less taxable income so they lower their quarterly estimates. But then they get a windfall - i.e. lottery winnings - and they'll be in a penalty situation. Simply increase or start withholding on income items that didn't have withholding.

[Haggar]

Originally Posted by retiredguy123

I believe that mandatory tax withholding of income tax only applies to wages and certain other earned income, not to other payments, such as pensions, social security income, IRA transfers, or other payments. I never allow anyone to withhold taxes from any of my payments. I pay all income taxes directly to the IRS with quarterly estimated payments. I don't understand why some people allow a third party to withhold money from their income.

Many people like the idea of withholding as a means of smoothing out cash flow. Don't know if there's a interest income differential between withholding during the 12 months and making estimated payments 4/15, 6/15,6/15,1/15. Much prefer clients and clients prefer not having to come up with a "large" amount on these dates.

[Cliff Fr]

Originally Posted by LuvtheVillages

First, your math is off. June 15 is only 166 days into the year.

Second, It doesn't matter. Whether he moves on January 15 or December 15, he has to file a part year tax return for the old state.

Another response about moving money was partially correct. If he is entitled to any lump sum distributions, arrange to receive them after establishing residency in FL and updating your address







with the payer. If received while a resident of the old state, then the old state taxes it. But it doesn't matter where the bank account is located. If you receive pension payments while in both states, you should receive 2 form 1099R's - one for each state.

It is important that anyone who pays you money - including your investment accounts, have your FL address on file. Even if it's a temporary rental address.

I would also mention that Florida has no income tax

[retiredguy123]

Originally Posted by Haggar

Many people like the idea of withholding as a means of smoothing out cash flow. Don't know if there's a interest income differential between withholding during the 12 months and making estimated payments 4/15, 6/15,6/15,1/15. Much prefer clients and clients prefer not having to come up with a "large" amount on these dates.

Thanks. I understand that some people prefer to have money withheld. TurboTax calculates the quarterly estimated payments required to avoid a penalty for the following year. I make those payments online every quarter. To me, it is easier than depending on someone else to make withholding payments. Also, I never ask the IRS to send me a refund. I always apply any overpayments to the following tax year.

[Bill14564]

Originally Posted by Haggar

Withholding doesn't trigger anything. An underpayment of required taxes triggers the underpayment penalty calculation. I prefer my clients use withholding - such as from their social security checks - rather than quarterly payments. Two reasons: 1. they sometimes forget their quarterly payments 2. Withholding is treated as paid in equally during the whole year even if the withholding is started mid year.

Clients sometimes project they will have less taxable income so they lower their quarterly estimates. But then they get a windfall - i.e. lottery winnings - and they'll be in a penalty situation. Simply increase or start withholding on income items that didn't have withholding.

Perhaps trigger was the wrong word. Still, money that is withheld is treated differently than estimated payments in the determination of underpayment penalties. The calculations are avoided when a certain percentage of taxes are withheld even if there was an underpayment. Those calculations cannot be avoided even if the same amount was submitted with estimated payments. That is what I meant by triggering safe harbor rules.

NOTE: Not a CPA, just someone who has worked through this in the past.