No. It is either the $40,000 ($20,000 for each spouse) OR the full exclusion. You cannot exclude more of the pension you received. If it is qualified for the full exclusion, you should follow the instructions provided above. If not, then TurboTax will automatically exclude $20,000 for each pension if you are a New York State resident.
The 1099-R's are taxable on the federal level. This exclusion is for NYS taxation only.
@BarbC16
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