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New Member
posted Mar 28, 2024 12:40:49 PM

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?

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2 Replies
Expert Alumni
Mar 28, 2024 12:45:19 PM

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

Level 15
Mar 28, 2024 12:58:38 PM

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.