TIAA Pension Exclusion in NY

Forum|Forum|3 years ago
February 16, 2023
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I have a 1099R from TIAA which has combined two things into 1 report. Part of the 1099R is for the SUNY optional retirement program which is tax exempt in NY. Part of it in a 403B distribution which is tax exempt to a $20K limit and reported differently on the NY forms. Turbo tax does not allow me to partially allocation a single 1099R to public employee pensions and part of it to a general pension (403B). I now face the problem of either reporting it all as a public employee pension or splitting the 1099R into 2 which probably gets me a letter from the IRS. Has anyone solved this problem?

JosephS1

Separating the 1099-R into it's 2 components and entering as separate 1099-R's will not normally generate a letter from the IRS provided the information entered matches the totals of the 1099-R. For each enter the Name, Address, Payer's TIN but leave out the account number as that may generate an error. The IRS is more interested in the totals reported to compare what was attributable to you than individual transactions or line items. If entering as 2 separate 1099-Rs just be sure to check the summary in the NY portion that what is taxable and what is excluded matches what is on the 1099-R.

@newyorkbob

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