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Level 1
posted Apr 13, 2023 3:19:00 AM

For pension income reported on a 1099-R form, how do I answer the question "where is your distribution from"? It is a pension from a private employer.

Not sure if I should choose "Not eligible for exclusion for those over 59 1/2" or "None of the above (select for deferred compensation 357 plans)".  It is not a deferred compensation plan.

0 4 1554
4 Replies
Level 15
Apr 13, 2023 7:15:16 AM

@mergesteinbugler 

You'd have to tell us what state you are filing for. 

And your age at the end of 2022.

 

The Questions presented there depend on your state.....then someone familiar with that state might be able to answer for you

________
For example, here are a couple of different displays that show the state dependency and how the selections a are entirely different:

_________

NORTH CAROLINA

_________

LOUISIANNA

 

_________

NEW YORK

 

Level 1
Apr 13, 2023 7:27:04 AM

@SteamTrain Thanks for the reply.  New York State, over 59-1/2 by end of 2022.

Level 15
Apr 13, 2023 9:16:30 AM

   @Opus 17 

You are more familiar with NY, do you know the difference between those last two selections for a regular private pension?  Do both still allow a NY person the extra up-to 20,000 deduction for NY pension income?

 

Level 15
Apr 13, 2023 9:48:50 AM

Although I have moved out of NY, a quick search shows that certain government pensions are tax-free, while non-government retirement pay is eligible for an exclusion up to $20K.  So I think the correct answer here is "none of the above" which will result in the $20K exclusion. 

https://www.tax.ny.gov/pit/file/information_for_seniors.htm