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kolsue1955
New Member

Turbo tax is saying I owe NYS taxes and as a retiree from NYS and collect a pension I should not owe taxes. Why?

Why?
posted
‎March 28, 2024 12:40 PM
last updated ‎March 28, 2024 12:40 PM
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KrisD15
Expert Alumni
Expert Alumni

Turbo tax is saying I owe NYS taxes and as a retiree from NYS and collect a pension I should not owe taxes. Why?

To clarify, is your pension from New York a STATE (public)  pension?

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‎March 28, 2024 12:45 PM
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Opus 17
Level 15
Level 15

Turbo tax is saying I owe NYS taxes and as a retiree from NYS and collect a pension I should not owe taxes. Why?

In NYS, social security is non-taxable.  State employee pensions are non-taxable, and other retirement income has a $20,000 exemption.  If you draw more from your IRA or retirement plan, it will be taxed. 

‎March 28, 2024 12:58 PM
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