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New York State Teachers' Retirement System income should not be taxed in NYS. How do I deduct it from my Federal AGI?
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New York State Teachers' Retirement System income should not be taxed in NYS. How do I deduct it from my Federal AGI?
Enter your 1099-R and TurboTax will ask you several questions about your retirement income. You will need to indicate that you have a New York State Teacher's Retirement, after you enter the 1099-R.
Make sure to choose that your distribution came from New York State and City Education since you indicated you have a New York State Teachers' Retirement System pension.
Make sure to say Yes when TurboTax asks if your distribution was from a qualified plan.
Your New York State Teachers' Retirement System pension will be a subtraction on your New York State return (IT-201) on line 26.
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New York State Teachers' Retirement System income should not be taxed in NYS. How do I deduct it from my Federal AGI?
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New York State Teachers' Retirement System income should not be taxed in NYS. How do I deduct it from my Federal AGI?
The page to allocate the retirement to distributions will be on the Federal side and can be reached as follows:
Go back to the Federal section of the program.
- Select Income & Expenses
- Select "IRA,401(k), Pension Plan Withdrawals (1099-R)
- Select "Edit" under the appropriate 1099-R form
- Proceed to answer through the screens until you see "Select Your State". (You should see this after enter your details from the 1099-R, and the question asking if you are a public safety officer.
Make sure you have selected New York as shown in the picture below.
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