No, you are still entitled to the subtraction for the amount on your federal tax return.
- Yes, to the extent included in FAGI not to exceed $20,000. This would qualify for the $20,000 pension and annuity income exclusion provided all the other requirements are met (over 59½, periodic payments, attributable to personal services performed before retirement and an employer- employee relationship exists). The Internal Revenue Code (IRC) requires that recipients of a pension distribution of $10 or more receive a Form 1099-R. However, foreign pension distributions are not typically reported on Form 1099-R. The taxpayer must retain their contribution/distribution documentation to provide to the department if necessary.
- Common FAQs about the Pension Subtraction-NY
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