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barry16
New Member

NY State has a $20,000 exclusion for qualified pension and annuity income yet in the Deluxe addition the IT-201 shows no entry for NYS IT-201 Line 29. How do I fix this?

This is first year using TurboTax.  Checking prior returns, paid preparers had an entry for NYS IT-201 Line 29.  There is no entry on the TurboTax draft 2020 NYS IT-201 for Line 29.
2 Replies
ChenC
Level 2

NY State has a $20,000 exclusion for qualified pension and annuity income yet in the Deluxe addition the IT-201 shows no entry for NYS IT-201 Line 29. How do I fix this?

Turbotax calculates line 29 for you based on your 1099R input. Please go back to Federal and review your 1099R to make sure your entry is correct.

LenaH
Employee Tax Expert

NY State has a $20,000 exclusion for qualified pension and annuity income yet in the Deluxe addition the IT-201 shows no entry for NYS IT-201 Line 29. How do I fix this?

The adjustment to exclude $20,000 from your NYS income is done under Wage and retirement adjustments. This is found on the NYS screen Changes to Federal Income

 

You would qualify for the pension and annuity exclusion of up to $20,000 in NYS, as long as your pension is taxable to New York, and you are over the age of 59 ½ or turn 59 ½ during the tax year. If married filing jointly, each spouse may deduct up to $20,000, which would total $40,000 per tax year. 

 

You can follow these steps in TurboTax to get to the correct NYS screen:

  1. Open your return.
  2. Click on State in the left hand column.
  3. Click Edit next to your resident return.
  4. Click Update or Start next to Adjustments to federal income on the screen You Just Finished Your New York Return.
  5. Scroll down to Wage and retirement adjustments.
  6. Click Start next to Received retirement income
  7. Follow the on-screen instructions. 

For more information, please see Publication 36.

 

@barry16

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