topic My new York state return needs review due to retirement distribution in Retirement tax questions

My new York state return needs review due to retirement distribution

Jennyblondy61 — Tue, 09 Mar 2021 00:29:27 GMT

Re: My new York state return needs review due to retirement distribution

ReneeM7122 — Wed, 10 Mar 2021 16:14:22 GMT

If you had an early retirement distribution you may need to complete form 8915-E.

Please see this TurboTax link about the form. It should carry over to your New York return.

If you did not have an early distribution, then it could have to do with your pension.

If your pension is being considered as taxable income, it will show up on Line 10 of your IT-201 and Line 26 will be empty.

If it is showing as taxable and you need to change it because it should not be: if your return gets rejected by NY for whatever reason, you can go back in and make changes and resubmit. If it gets accepted, you will need to amend your state return.

When you go to your 1099-R entry in the Federal section, at the very end it will ask you Where is this Distribution From? Select the category that applies to the pension, and once you click continue, your NY refund will now be adjusted to exclude this amount.

The NY state Pension Deduction Summary will also show that this has been removed. If you look at your IT-201, it should still show your pension amount on Line 10, but it should also be subtracted out on Line 26.

If neither of these resolve the issue for you, please let us know.

Re: My new York state return needs review due to retirement distribution

clover716 — Wed, 10 Mar 2021 19:43:34 GMT

I am having this exact problem as well. I have completed the 8915-E form and it has carried over on the NY return, however I receive this message. Any idea when we can expect an update?

Pension/Annuities/IRA Worksheet: Txble Pens/IRA(Reg Dist) We're still working on updates related to Retirement Distributions that qualify for disaster or covid relief. You can keep working on your return and we'll remove this message when it's ready.

Re: My new York state return needs review due to retirement distribution

MarilynG1 — Wed, 10 Mar 2021 21:49:57 GMT

The States are scrambling to change their tax regulations to comply with the Federal CARES Act (which was just very recently approved and is working in the Federal tax side of TurboTax).

TurboTax will incorporate the state forms as soon as they are available.

Click this link for more info on How to Contact your State Dept of Revenue where you may be able to get details for your state.

This link has a listing of State Forms Availability.

You can file your Federal return, and file your State return later. This link gives info on Filing Federal and State Returns Separately.