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eastnder1
New Member

My (NY) 1099-R field 12 has EXEMPT, turbotax referes to field 14. Is this correct?

 
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Accepted Solutions
SteamTrain
Level 15

My (NY) 1099-R field 12 has EXEMPT, turbotax referes to field 14. Is this correct?

Exempt is meaningless in the tax software (it cannot be entered there)...you just enter what you have so far in the 1099-R interview in the software and step to the next pages

...one of them will look like the picture below, where you will select the state pensions system that allows that 1099-R to be considered exempt from NY taxes:.

......and the New York Distribution amount in the box below the section must be the $$ in box 2a..or if 2a is empty, the Federally taxable amount calculated from box 1.

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

View solution in original post

1 Reply
SteamTrain
Level 15

My (NY) 1099-R field 12 has EXEMPT, turbotax referes to field 14. Is this correct?

Exempt is meaningless in the tax software (it cannot be entered there)...you just enter what you have so far in the 1099-R interview in the software and step to the next pages

...one of them will look like the picture below, where you will select the state pensions system that allows that 1099-R to be considered exempt from NY taxes:.

......and the New York Distribution amount in the box below the section must be the $$ in box 2a..or if 2a is empty, the Federally taxable amount calculated from box 1.

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

View solution in original post

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