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Retirement tax questions
I believe you are correct, NY state and local pensions are not NY taxable at any level. The $20,000 limit is for non-governmental retirement income, which is the problem that I am running into. My husband and I each took $20,000 out of our retirement accounts after we turned 59 1/2, and the program is pro-rating it, treating it like we collected it monthly throughout all of last year. This means that 2 months of my husband's and 9 months of my distribution would not qualify for the $20,000, so our NY taxable income is showing more that $18,000 more than it should be. Does anyone know how to correct that?
‎February 17, 2021
5:44 PM