Pension and Annuity Exclusion, What Changed?

Forum|Forum|2 years ago
March 6, 2024
1 reply
0 views

It appears that my IRA withdrawal is showing up included in "Pensions of New York State, Local and Federal Governments" in the "Your New York Income Adjustments" screen of the step by step interview.

Did not appear this way last year and I can't see anything different in how I input the IRA 1099-R form coming from Vanguard into Turbo Tax one year or the other. But, I believe the Vanguard IRA distribution did not direct export into Turbo Tax this year. That might be different from how this was handled last year.

Any thoughts?

LindaS5247

It is possible you answered something that triggered that. Do you recall seeing any of these screens below?

This is usually how, on your New York State income tax return, you would designate your retirement distribution to be excluded from New York state taxation. I understand this is not what you want (to exclude it), but is it possible one of these screens got answered to indicate your distribution came from a U.S. Government or New York State pension?

New York state excludes pensions from the U.S. Government or New York State Retirement System from income. Did you select 1099-R?

Also, I would try deleting your Form 1099-R and reentering it. This may help clear up the problem.

Please see the following steps to delete a Form 1099-R in TurboTax Desktop:

Select "Federal Taxes"
Select "Wages & Income"
Select "I'll choose what to work on"
Scroll down and select "Update" next to "IRA, 401(k), Pension Plan (1099-R)"
Next, you should see the "Your 1099-R Entries" screen with the form 1099-R that you entered
Select "Delete" next to the one you want to delete.