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February 28, 2025
Question

The amount of qualifying for exemptiois in the wrong place. It should be in the New York State retirement. Instead, it's in distribution. Can you help!

  • February 28, 2025
  • 1 reply
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I give up with turbo tax!

    1 reply

    DawnC
    Employee
    February 28, 2025

    Can you provide some more details about what form or entry you are having trouble with?   Are you referring to a 1099-R - distributions from retirement accounts?   Your pension income is not taxable in New York State when it is paid by:

     

    • New York State or local government
    • the federal government, including Social Security benefits
    • certain public authorities

    In addition, income from pension plans described in section 114 of Title 4 of the U.S. code received while you are a nonresident of New York State is not taxable to New York. 

     

    If your pension is taxable to New York and you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a pension and annuity exclusion of up to $20,000.    This exclusion from New York State taxable income applies to pension and annuity income included in your federal adjusted gross income.

     

    For more information on the pension exclusions and other benefits for retired people, see Publication 36, General Information for Senior Citizens and Retired Persons.

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