topic Re: NYC IRA & Pension Distribution Question in Retirement tax questions

NYC IRA & Pension Distribution Question

Dave_BKL — Mon, 29 Mar 2021 15:37:41 GMT

I'm a little confused at the options showing for us in the income declarations. Me and my wife receive NYC pensions, we also have a IRA rolled over from a 401K from the private sector days that I receive a 1099r from. When I'm classifying my income it's asking me where the distribution is from for the IRA. None of the options seem to apply. The choices are:

1. Retirement distributions from : US Gov, NYC, annuity, public authorities, etc

2. Retirement distributions from: NYS & NYC Education, and Ira from government pension

3. Not eligible for exclusion for those over age 59 1/2

4. None of the above ( select from deferred compensation 457 plans )

I am over the age of 59 1/2 for quite a while but none of these seem correct. I think none of the above is answer but it's confusing since it specifically notes selecting for 457 plans.

Thanks for any thoughts/guidance.

Re: NYC IRA & Pension Distribution Question

DaveF1006 — Mon, 29 Mar 2021 19:15:33 GMT

Yes, check None of the above ( select from deferred compensation 457 plans ). the next screen will ask if this is a qualified plan, which you will say yes. You will notice in the list of qualified plans, 457 plans for government employees is listed. Confusing, i know, but this is how you will answer the question.

Re: NYC IRA & Pension Distribution Question

Dave_BKL — Mon, 29 Mar 2021 19:34:26 GMT

Thank you. The next option is "do any of these situations apply to you" , none of the situations do so once I'm past that it just confirms that this IRA withdrawal is a RMD. This isn't a government plan, it's a IRA rolled over from my 401k in a private sector job before I shifted to public. My other pension related to my years working for NYC.

Re: NYC IRA & Pension Distribution Question

ThomasM125 — Tue, 30 Mar 2021 20:27:48 GMT

You should have been asked specifically if the distribution was a required minimum distribution (RMD) in TurboTax. If you don't see that option when you go back through the routine, you may need to delete the 1099-R form entry and re-enter it, making sure you don't indicate that it was a RMD.

Re: NYC IRA & Pension Distribution Question

Bob2084 — Sat, 16 Apr 2022 19:33:13 GMT

I am now faced with this problem and also wanted to check option 4, but didn't because it is not true. I believe that item 3 is in direct conflict with what is stated on page 17 of the IT-201 instructions. Until I read this I went back and forth to the options in question and I am now considering taking the advice. The problem now is that the program will not let me back in to check off that option.

Given what we pay we should not need to figure out work arounds. I have been trying to speak to an "expert" and have been waiting for promised calls back which have not occurred. I am at my wits end with this.