I'm 62, live in New York, retired, and receive a monthly pension from my former employer, which is just an everyday company - non goverment, etc. After reading everything I can find, I'm still confused as to whether or not I have to pay New York State taxes on my pension under $20,000. There is conflicting information on both the NY tax law site, and what I read in some posts. If I select the button on my federal return for "not eligible for exclusion for those over age 59 1/2", the taxes are taken out for NY. But on everything I'm reading on the NY state tax site, in the FAQ section it does state that if I'm 59 1/2 or older, I don't have to pay taxes for anything under $20.000. Which is it? Do I select the not eligible for exclusion for those over age 59 1/2 button in TurboTax so it is taken out or do I select the "none of the above" button so it is not taken out. Again, my pension id from a non-Govt, non-NYS, non-United States, etc employer. It's just a pension payment I receive (non 401k, IRA, Roth, etc) from the financial Bank I work at for 30 years when they still had a Pension Benefit. Please let me know so this can be answered not only for myself but others that have posted this question. The answer never seems to be clear.
