After you enter your 1099-R in the Federal Taxes Wages and Income section, there will be a follow up question (see below). You cannot get the credit by changing the Box 16 amount.
You can deduct certain federal, New York state, or local government pension distributions from your New York income. Government pensions include those from these sources:
- US government, its territories or possessions, or the District of Columbia
- Military
- New York State, including State and City universities of New York and New York State Education Department (Optional Retirement Program)
- Manhattan and Bronx Surface Transit Operating Authority
- Long Island Railroad Company
- Metropolitan Transit Authority (MTA) Police 20-Year Retirement Program
- Local governments within New York
Those over age 59 1/2 can deduct up to $20,000 of certain IRA and other pension benefits on their New York return (if Married Filing Jointly, each spouse may deduct up to $20,000). Beneficiaries who receive pension benefits of deceased persons over age 59 1/2 may also qualify. We'll need to gather additional information when we work on your New York return.
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