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bmmnam19
New Member

Why is Pension and Annuity Income Exclusion only showing $20000 for myself and wife on NYS return.?

 
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Accepted Solutions
SandraM
New Member

Why is Pension and Annuity Income Exclusion only showing $20000 for myself and wife on NYS return.?

The pension and annuity income exclusion has a $20,000 limit.  If you both qualify, you and your spouse can each subtract up to $20,000 of your own pension and annuity income. However, you cannot claim any unused part of your spouse’s exclusion.

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6 Replies
SandraM
New Member

Why is Pension and Annuity Income Exclusion only showing $20000 for myself and wife on NYS return.?

The pension and annuity income exclusion has a $20,000 limit.  If you both qualify, you and your spouse can each subtract up to $20,000 of your own pension and annuity income. However, you cannot claim any unused part of your spouse’s exclusion.

bmmnam19
New Member

Why is Pension and Annuity Income Exclusion only showing $20000 for myself and wife on NYS return.?

Thanks for your quick response! Yes, I am aware of that each of us can subtract $20,000, however, the NYS return is not showing the $40,000 that we both are entitled to deduct (they are only showing $20,000).

SandraM
New Member

Why is Pension and Annuity Income Exclusion only showing $20000 for myself and wife on NYS return.?

Are you both over age 59 1/2?
bmmnam19
New Member

Why is Pension and Annuity Income Exclusion only showing $20000 for myself and wife on NYS return.?

Yes
bmmnam19
New Member

Why is Pension and Annuity Income Exclusion only showing $20000 for myself and wife on NYS return.?

My mistake! I failed to choose "none of the above" where the ? was Where is this distribution from?
Thanks,
SandraM
New Member

Why is Pension and Annuity Income Exclusion only showing $20000 for myself and wife on NYS return.?

Oh, so glad you discovered the error!  Have a wonderful rest of your day!
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