No. If you are a member of a public employee retirement system (such as the New York State and Local Retirement System) and made 414(h) retirement contributions to your retirement plan, then you must report the contributions as an addition modification to your federal adjusted gross income on your New York State income tax return. This addition modification is reported on line 21 on Form IT-201, Resident Income Tax Return; or line 21 of Form IT-203, Nonresident and Part-Year Resident Income Tax Return.
The entry “IRC 414H” pertains to the pre-tax dollars used to pay pension contributions. The dollar amount in Box 14, IRC 414H, is pre-tax for federal tax purposes, but not for New York State and New York City tax purposes. Consequently, they must be added back in the area designated for that purpose on the New York State tax return at the time you file your taxes.
For more information, check: ny.gov
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