New York State Pension exclusion

Forum|Forum|1 year ago
November 15, 2024
1 reply
0 views

I am a resident of New York State. I am the sole inheritor of an annuity from my mother who died in 2017, each year I take out the required RMD. My tax return for 2023 does not show the full NYS exclusion of 20,000 dollars. My preceding taxes done with TurboTax since 2018 all show the full exclusion. What have I done wrong?

Thank you.

LenaH

Please confirm you are entering the information in your state return as follows:

Open your New York return.
On the page Changes to Federal Income, scroll down to Received retirement income. Click Start.
Click Edit next to your pension.
Select Yes to the question, Were you a Beneficiary?
Enter the proper values in the decedent's information fields, especially your 100% share of the total distribution.
On the Pension Deduction Summary screen, you should see your $20,000 deduction.

As also shown in the example below, your $20,000 deduction should show up on Line 29 of your IT-201. If you still are having an error, then please go back through the federal input of your 1099-R and ensure everything is correct.