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Retirement tax questions
Yes, follow these steps:
If your income has not been excluded in your return, try these steps.
- Log into Turbo Tax
- Select the State Taxes tab
- As you navigate through the screens, you will see a screen that says Changes to Federal Income.
- Scroll down to Wage and Retirement Adjustments
- Locate Received Retirement income.
- Start/ Edit
- Retirement Distributions Summary
- Edit your distribution and answer any additional questions.
- Continue/ done
- The next screen will show you the Pension Deduction Summary
Your pension income is not taxable in New York State when it is paid by: New York State or local government. the federal government, including Social Security benefits and certain public authorities.
In addition, NY allows a $20,000 exemption if you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a pension and annuity exclusion of up to $20,000. See Information for retired persons - Department of Taxation for full details. An IRA qualifies for the $20,000 exclusion according to Common questions and answers about pension subtraction | NY DOR states on page 2:
• TIAA/CREF Supplemental Retirement Annuities (SRA);
• 403B plans;
• Group Supplemental Retirement Annuities (GSRA);
•IRAs; or • Roth IRAs.
These distributions would qualify for the $20,000 pension and annuity income exclusion under Tax Law section 612(c)(3-a).
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