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gvdraw
January 28, 2025
Question

The 20,000 NY pension exclusion is not reflected in summary of NY state taxes.Triple checked federal information and all is accurate.

  • January 28, 2025
  • 1 reply
  • 0 views
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    1 reply

    M
    MayaD
    January 28, 2025

    After entering your 1099-R in the Federal section:

    1. Go to State Taxes
    2. Select Edit for your New York return.
    3. Continue until you reach Changes to Federal Income. On this screen, select Start next to Received retirement income.
    4. On your Retirement Distributions Summary, select Edit next to the pension you’re reviewing. 
    5. If New York needs more info for your pension distributions, answer the questions on the following screens, until you return to your Retirement Distributions Summary. Select Done.
    6. Continue until you reach your Pension Deduction Summary. Here you’ll see the amount of your pension distribution that’s taxable in New York state.
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    G
    gvdrawAuthor
    January 30, 2025

    I followed the exact steps you noted prior to posting question. It indicated no further info is needed.  One source is pension of periodic payments that started in a prior year. Another source is RMD distribution. On the Changes to Income under Subtractions from Federal : Pension and Annuity Exclusion it does not show $20,000 as it has in previous years. I once again reviewed the Federal section for accuracy of information entered and all info matches the 1099-Rs.

     

    LindaS5247
    LindaS5247
    February 5, 2025

    Did you check your New York State return? ‌Line 29 of your New York state return (Form IT-201) would show the pension exclusion.

     

    Sometimes the Income Summary does not display correctly.

     

    If you are using TurboTax Desktop, you can check your New York State return by 

    1. Switching to "Forms Mode" and then 
    2. Go to your left panel which lists all of your forms
    3. Select your New York State return (IT-201) in the left panel.  

     

     If you are using TurboTax Online you can review your forms by doing the following:

    1. Open or continue your return
    2.  In the left panel select "Tax Tools"
    3.  In your left panel you can select "Print Center "and then 
    4. Select "print, save or preview this year's return"

     

    It would look like this in TurboTax Desktop:

     

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