Question

Pensions annuities worksheet

Forum|Forum|3 years ago
March 3, 2023
1 reply
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Part II, line 2c

trying to enter an amount which is lower than line 2b because only part of pension can be excluded from state taxable income

it WILL NOT LET ME DO IT

it wants an amount equal to line 2b and I cannot even override it because if I do, it will not let me file electronically

JosephS1

Please clarify and expand upon your question. First, what version of TurboTax are you using? You refer to line 2b, but that is the checkbox line for if the taxable amount is not determined or a total distribution. Also, the followup questions regarding the type of pension may shed light on the reason you are having difficulty with. Was it from a Governmental entity? Please review and clarify further. Thank you.

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R

Roger in NYAuthor

it is the form called "pen Ann IRA WKS" for state of NY

Part II

lines 2b and 2c

they are forcibly linked in amount, but for employees of CUNY, only a portion may be deductible in NY state

E

ErnieS0

Your CUNY pension qualifies for the $20,000 exclusion. New York says:

Q: If a taxpayer worked in the private sector, do the retirement payments received from TIAA/CREF (Teachers Insurance & Annuity Association & College Retirement Equities Fund) or ING Financial Advisors qualify for full exclusion as a NYS pension?

A: No. Since private-sector colleges are not funded by NYS, the pension payments do not qualify as NYS pension income. The pension would, however, qualify for the $20,000 pension and annuity income exclusion under Tax Law section 612(c)(3-a)

See Common questions and answers about pension subtraction adjustments.

If you believe it is not eligible for the government exclusion or other exclusion, go to the top of the Pennsion/Annuities/IRAs Worksheet and check the exclusion box.