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A
austitus
February 7, 2025
Question

Sec 457 pension distribution is not taxable by New York up to $20k. Turbo tax is not populating it to pension worksheet. How to navigate to get the $20k deduction?

  • February 7, 2025
  • 1 reply
  • 0 views
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    1 reply

    LenaH
    LenaH
    February 7, 2025

    Please follow the steps below to ensure your NYS exclusion of $20,000 populates on your return:

    1. Open your state return. 
    2. Continue until you get to the page You Just Finished Your New York Return.
    3. Click on Start or Update to Adjustments to Federal Income under Changes to Federal Income. 
    4. Click on Received Retirement Income under Wage and retirement adjustments.
    5. Click Continue.
    6. Click Edit (or the pencil) next to your 1099-R. 
    7. Answer the on-screen questions. 
    8. Your deduction of $20,000 show on the Pension Deduction Summary page. 
    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    A
    austitusAuthor
    February 8, 2025

    The 457 distribution is reported on W2 box 11, not on 1099. TurboTax does not populate the NYS deduction of $20,0000 max from the W2 box 11

    SusanY1
    SusanY1
    February 19, 2025

    According to the NY state common questions about the pension subtraction 457 plans are not eligible for this exclusion.  

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
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