I am VERY confused!!
Does the Pension & Annuity Subtraction Rule on IT-201 line 29 apply to INHERITED Traditional NON-spousal IRAs?
Scenario: Inherited a Traditional IRA from a deceased parent who passed at 69 and the tax software said I may be eligible for a subtraction on my NY tax return. There are 2 beneficiaries and the max subtraction for one beneficiary is 20K.
1. can i take this subtraction in full if my distribution is under 10k?
2. Does this rule APPLY to IRAs?!
Im very confused and frustrated as IRA is not in the title of this rule yet the tax software is prompting me to answer questions regarding the rule.
