AmyC
Expert Alumni

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.

  1. Scroll down to retirement
  2. Edit your 1099R.
  3. continue
  4. Be sure to answer all the questions. Double check, safety officer, which state
  5. There are many including, Where is this Distribution From,
  6. click on NY State and Local (the second box)
  7. Continue
  8. Select From a Qualified Plan
  9. What did you do, cashed it
  10. Periodic Payments
  11. Select Yes
  12. keep going
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