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Which state?
Up state New York
More than likely, the answer is yes. The following is an excerpt from Publication 36, General Information for Senior Citizens and Retired Persons. (Click on link for the full Publication. Different font used to show article quote):
If you were age 59½ or older for the entire tax year, you may exclude up to $20,000 of your qualified pension and annuity income from your federal adjusted gross income for purposes of determining your New York adjusted gross income. If you became age 59½ during the tax year, 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. Qualified pension and annuity income includes:
The exclusion also applies to pension and annuity income received by an estate or trust if the income meets the requirements as described above.
As long as your retirement income falls into one of the categories described above, you should qualify for the deduction.
Do we get the $20000 pension exclusion on our fed and state return?
but not on Federal.
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