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Retirement tax questions
No, that New York state rule was not terminated for 2020. If you became age 59½ during the tax year 2020, the exclusion is allowed only for the amount of pension and annuity income received on or after you became 59½, but not more than $20,000.
That box is for certain types of pensions. Per Publication 36, qualified pension benefits or distributions received by officers and employees of the United States, New York State, and local governments within New York State, are exempt from New York State, New York City, and Yonkers income taxes. This subtraction modification is allowed regardless of the age of the taxpayer or of the form the payment(s) take.
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April 4, 2022
1:20 PM