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?
02256
2 Replies
KrisD15
Expert Alumni
Mar 28, 2024 12:45:19 PM
To clarify, is your pension from New York a STATE (public) pension?
Opus 17
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.