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Retirement tax questions
Yes, Your pension income is not taxable in New York State when it is paid by: New York State or local government. the federal government, including Social Security benefits. certain public authorities.
In addition, NY allows a $20,000 exemption if you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a pension and annuity exclusion of up to $20,000. See Information for retired persons - Department of Taxation and ...for full details.
Please go back to the federal section.
- Scroll down to retirement
- Edit your 1099R.
- continue
- Be sure to answer all the questions. Double check, safety officer, which state
- There are many including, Where is this Distribution From,
- click on NY State and Local (the second box)
- Continue
- Select From a Qualified Plan
- What did you do, cashed it
- Periodic Payments
- Select Yes
- keep going
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February 10, 2021
4:08 PM