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tscribner
New Member

My 1099R from NYS ERS says it is exempt from state tax but when I enter it tax due increases. Is this correct?

 
3 Replies
SteamTrain
Level 15

My 1099R from NYS ERS says it is exempt from state tax but when I enter it tax due increases. Is this correct?

The NY tax  may increase when you first put in the 1099-R, but you also need to carefully step thru ALL of the questions that follow the main 1099-R form.  There is one (shown below ... but may be a bit different this year) where you need to indicate which pension system the 1099-R came from.  After doing that, it should limit the NY taxes...assuming you are a member of one of the eligible NY retirement systems.

________________________

 

1099R_NewYork.png

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
NCperson
Level 15

My 1099R from NYS ERS says it is exempt from state tax but when I enter it tax due increases. Is this correct?

also, are you a NY state resident?  If no, then it may be taxable in the state you now reside in.  

SteamTrain
Level 15

My 1099R from NYS ERS says it is exempt from state tax but when I enter it tax due increases. Is this correct?

ooooh.....good point must be a NY resident at the time you receive the $$ to get the exemption.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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