Please select None of the above on the page Where is your distribution from?
Per NYS, taxpayers over age 59 1/2 can deduct up to $20,000 of certain pensions and certain IRAs on their New York return. If married filing jointly, each spouse may deduct up to $20,000, which would total the $40,000 you see on your return.
The individual receiving the pension must be 59½ years of age or over. In addition, the pension and annuity income must be:
- included in federal adjusted gross income (FAGI);
- received in periodic payments (except IRA or Keogh);
- attributable to personal services performed by the individual before their retirement; and
- from an employer-employee relationship or from an employee’s tax-deductible contributions to a retirement plan.
For more information, please see Common questions and answers about pension subtraction adjustments.
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