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It depends. There is no need to enter the word exempt in Box 14, however for the state section of the 1099-R do not enter any information. When you get to the New York (NY) state return, watch for the area where you can remove the exempt pension.
Q: What determines if an individual’s pension or annuity qualifies for the $20,000 pension and annuity exclusion on the NYS personal income tax return?
A: The individual receiving the pension must be 59½ years of age or over. In addition, the pension and annuity income must be:
• included in federal adjusted gross income (FAGI);
• received in periodic payments (except IRA or Keogh);
• attributable to personal services performed by the individual before their retirement; and
• from an employer-employee relationship or from an employee’s tax deductible contributions to a retirement plan.
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