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Retirement tax questions

You need to indicate that its a New York State Teacher's Retirement in the federal portion of the interview, after entering the 1099-R form.

  • Where Is This Distribution From? Choose New York State and City Education and put the dollar amount under New York Distribution Amount.
  • On the next screen, select "Qualified Retirement Plan"
  • continue with the remaining screens, which will impact its taxability on the federal level

Make sure you look at the IT-201 before filing. The full amount of the income will be on line 10, the full amount of the subtraction will be on Line 26. You will not be limited to $20,000. If you are only seeing the $20k subtraction, you have not made the indications above in the Federal Taxes area for 1099-R.

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