Retirement tax questions

LenaH · ‎March 29, 2022

The $183,689 consists of :

$150,000 of government pension
$20,000 pension exclusion for spouse
$15,537 social security benefits
($1,185) 414(h) retirement contributions
($663) IRC 125

This amount is the reconciliation between federal income and NYS income. The amount on Line 20 of IT-260.1 must match the IT-203, Line 32. Therefore, the adjustments are due to the government pension, which is excluded from NYS income, your spouse's pension which is excluded up to $20,000, social security benefits which are not taxable, and the 414(h) and the IRC 125, which are both New York additions.

@thomasmon1956-gm

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