I retired in Dec. 2018 from NYC fire. I did 30 years.
Normal service retirement. My pension statements are broken down into 3 different categories.
Pension, Additional 1/60's, and ITHP after 20 years. I know what each of these categories mean, however I was told that only the "Pension" part is exempt from NY state tax ( Police, fire) The other 2 parts still have to be reported as income. I have looked at NY state tax publications for retirement income( it-255) (201) and they only say public service " pensions" are exempt. No mention of these Other pay categoties.
Do I have to separate the pension portion from the others, for NY taxes ? Since I pay federal tax on the money, the total amount is entered into Turbo Tax, however it is transferring over to my State return as completely taxable and I know for a fact that my "pension" portion is not taxable. But do the other parts have to be added back in for state taxes or is the entire payment exempt from NY state tax?
1099-R is entered as taxable on the federal side
