Question

new york state exclusions

Forum|Forum|6 years ago
February 23, 2020
1 reply
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I get 20,000 exclusion off my pension . If my wife gets 20,000 a year out of her 401k do we get 20,000 of her annuity payment also ? For a total exclusion of 40,000 ?

J

jtax

Employee

It appears so, but you must make your own judgement (this is a volunteer forum).

"Married taxpayers who both receive pension income are each entitled to
a maximum pension and annuity income exclusion of $20,000 whether they
file jointly or separately. However, you cannot claim any unused portion of
your spouse’s exclusion. If you receive your own pension income and your
deceased spouse’s pension income, you are entitled to a maximum pension
and annuity exclusion of $20,000 each year. "

from page 14 of https://www.tax.ny.gov/pdf/publications/income/pub36.pdf

See page 13 of that publication for details on what kind of pensions qualify.

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