The adjustment to exclude $20,000 from your NYS income is done under Wage and retirement adjustments. This is found on the NYS screen Changes to Federal Income.
You can follow these steps in TurboTax to exclude $20,000 of your retirement income:
- Open your return.
- Click on State in the left hand column.
- Click Edit next to your resident return.
- Click Update or Start next to Adjustments to federal income on the screen You Just Finished Your New York Return.
- Scroll down to Wage and retirement adjustments.
- Click Start next to Received retirement income.
- Continue to the screen Governmental Pension Exclusion.
- Enter $20,000 for the question, Did you receive a pension or other distribution from a NY State or local government pension plan or federal government pension plan?
- The next screen will show your pension deduction summary. Only $20,000 should be deducted from your pension.
Per NYS, taxpayers over age 59 1/2 can deduct up to $20,000 of certain federal, NY state or local government pensions and certain IRAs on their New York return. If married filing jointly, each spouse may deduct up to $20,000.
@ro96
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