1099R with gross distribution from 403-B over $20K

Forum|Forum|1 year ago
March 2, 2025
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My 1099R Line 1 RMD amount from a 403-B is over $20K

NY allows exemption up to $20K

How do you resolve the EXCESS amount in TurboTax

JohnB5677

Please clarify your question.

What do you mean by Line 1. Box 1 of 1099-R is Gross Distribution?
Federal and New York state government pensions and military retirement pay are tax-exempt.
- do you fit into these categories?
For those 59½ or older, the first $20,000 of retirement income (from a corporate pension, an IRA, a 401(k) account or another retirement plan) is tax-exempt
If you are married, each spouse is eligible for the $20,000 exclusion, for a total of $40,000.
What is your additional question?

Please contact us again to provide some additional details.

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robi7Author

the only question I have been asking twice is how do you enter the Excess over the $20K in Turbo Tax. There is nothing in TurboTax that allows me to enter the amount over the non-taxable $20K for NY State. Or does TurboTax calculate this automatically for my IT-201 because I checked the box for those 59 1/2 or older

KeshaH

TurboTax should automatically transfer your retirement income to your NY tax return and calculate any exclusion you qualify for so that the net is included in your taxable income.