1099R with gross distribution from 403-B over $20K

Please clarify your question.

 

• What do you mean by Line 1.   Box 1 of 1099-R is Gross Distribution?
• Federal and New York state government pensions and military retirement pay are tax-exempt.
  • do you fit into these categories?
• For those 59½ or older, the first $20,000 of retirement income (from a corporate pension, an IRA, a 401(k) account or another retirement plan) is tax-exempt
• If you are married, each spouse is eligible for the $20,000 exclusion, for a total of $40,000.
• What is your additional question?

Please contact us again to provide some additional details. 

 

 

 

 

 

the only question I have been asking twice is how do you enter the Excess over the $20K in Turbo Tax.   There is nothing in TurboTax that allows me to enter the amount over the non-taxable $20K for NY State.         Or does TurboTax calculate this automatically for my IT-201 because I checked the box for those 59 1/2 or older

TurboTax should automatically transfer your retirement income to your NY tax return and calculate any exclusion you qualify for so that the net is included in your taxable income.