topic For some reason, my New York State teacher retirement income is NYS taxable in Turbotax. How so I fix this in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/for-some-reason-my-new-york-state-teacher-retirement-income-is-nys-taxable-in-turbotax-how-so-i-fix/01/667216#M63576 Thu, 06 Jun 2019 10:05:04 GMT jpodgorski 2019-06-06T10:05:04Z For some reason, my New York State teacher retirement income is NYS taxable in Turbotax. How so I fix this https://ttlc.intuit.com/community/retirement/discussion/for-some-reason-my-new-york-state-teacher-retirement-income-is-nys-taxable-in-turbotax-how-so-i-fix/01/667216#M63576 Thu, 06 Jun 2019 10:05:04 GMT https://ttlc.intuit.com/community/retirement/discussion/for-some-reason-my-new-york-state-teacher-retirement-income-is-nys-taxable-in-turbotax-how-so-i-fix/01/667216#M63576 jpodgorski 2019-06-06T10:05:04Z You need to indicate that its a New York State Teacher's... https://ttlc.intuit.com/community/retirement/discussion/you-need-to-indicate-that-its-a-new-york-state-teacher-s/01/667220#M63577 <P>You need to indicate that its a New York State Teacher's Retirement in the federal portion of the interview, after entering the 1099-R form.</P><UL> <LI> <B>Where Is This Distribution From? </B>Choose<B><I><U> </U></I></B><I><U>New York State and City Education </U></I>and put the dollar amount under&nbsp;New York Distribution Amount.</LI> <LI>On the next screen, select "Qualified Retirement Plan"</LI> <LI>continue with the remaining screens, which will impact its taxability on the federal level</LI> </UL><P><SPAN>Make sure you look at the IT-201 before filing. The full amount of the income will be on line 10, the full amount of the subtraction will be on Line 26.&nbsp;<I>You&nbsp;will not be limited to $20,000</I>.&nbsp;If you are only seeing the $20k subtraction, you have not made the indications above in the Federal Taxes area for 1099-R.</SPAN> <B></B><I></I><U></U><BR /></P> Thu, 06 Jun 2019 10:05:06 GMT https://ttlc.intuit.com/community/retirement/discussion/you-need-to-indicate-that-its-a-new-york-state-teacher-s/01/667220#M63577 ChristinaS 2019-06-06T10:05:06Z Re: For some reason, my New York State teacher retirement income is NYS taxable in Turbotax. How so I fix this https://ttlc.intuit.com/community/retirement/discussion/re-for-some-reason-my-new-york-state-teacher-retirement-income-is-nys-taxable-in-turbotax-how-so-i/01/1405409#M99958 <P>I select the "New York State and City Education" option under "Where Is Thsi Distribution From?" but when I continue ond and then come back to check the entry the system keeps changing my selection to "US Government (Including Military).&nbsp; How do I keep this so the distribution selection remain "New York State and City Education"?</P><P>&nbsp;</P> Sat, 04 Apr 2020 16:06:36 GMT https://ttlc.intuit.com/community/retirement/discussion/re-for-some-reason-my-new-york-state-teacher-retirement-income-is-nys-taxable-in-turbotax-how-so-i/01/1405409#M99958 jemmons1211 2020-04-04T16:06:36Z Re: You need to indicate that its a New York State Teacher's... https://ttlc.intuit.com/community/retirement/discussion/re-you-need-to-indicate-that-its-a-new-york-state-teacher-s/01/1654012#M108233 <P>I have done everything you suggest in this reply.&nbsp; TT is exempting the total teacher pension, $38,000,&nbsp; AND the $20,000 pension exclusion for a total exemption of $58,000. &nbsp; This can't be right.&nbsp; How can it exempt more than I'm making? There are no other pensions, IRA dist or annuities.&nbsp; How to fix this?&nbsp; Do I need to start over? &nbsp;</P> Thu, 02 Jul 2020 12:29:43 GMT https://ttlc.intuit.com/community/retirement/discussion/re-you-need-to-indicate-that-its-a-new-york-state-teacher-s/01/1654012#M108233 Justbrenda69 2020-07-02T12:29:43Z Re: You need to indicate that its a New York State Teacher's... https://ttlc.intuit.com/community/retirement/discussion/re-you-need-to-indicate-that-its-a-new-york-state-teacher-s/01/1659012#M108582 <P>On the "Where Is This Distribution From", you need to select "Not eligible for exclusion for those over age 59 1/2. This will allow you get the full exclusion of your retirement distribution without TT adding the $20,000 pension exclusion. This screen in TT is VERY confusing because they are asking 2 different things here - where the distribution comes from (which you never get to answer), and if you should be exempt from NYS $20,000 pension exclusion. TurboTax really needs to fix this as there are probably people out there getting taxed on a large portion of their non-taxed pension!</P> Mon, 06 Jul 2020 13:19:51 GMT https://ttlc.intuit.com/community/retirement/discussion/re-you-need-to-indicate-that-its-a-new-york-state-teacher-s/01/1659012#M108582 rk7771 2020-07-06T13:19:51Z
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topic For some reason, my New York State teacher retirement income is NYS taxable in Turbotax. How so I fix this in Retirement tax questions
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For some reason, my New York State teacher retirement income is NYS taxable in Turbotax. How so I fix this
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https://ttlc.intuit.com/community/retirement/discussion/for-some-reason-my-new-york-state-teacher-retirement-income-is-nys-taxable-in-turbotax-how-so-i-fix/01/667216#M63576
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You need to indicate that its a New York State Teacher's...
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<P>You need to indicate that its a New York State Teacher's Retirement in the federal portion of the interview, after entering the 1099-R form.</P><UL> <LI> <B>Where Is This Distribution From? </B>Choose<B><I><U> </U></I></B><I><U>New York State and City Education </U></I>and put the dollar amount under&nbsp;New York Distribution Amount.</LI> <LI>On the next screen, select "Qualified Retirement Plan"</LI> <LI>continue with the remaining screens, which will impact its taxability on the federal level</LI> </UL><P><SPAN>Make sure you look at the IT-201 before filing. The full amount of the income will be on line 10, the full amount of the subtraction will be on Line 26.&nbsp;<I>You&nbsp;will not be limited to $20,000</I>.&nbsp;If you are only seeing the $20k subtraction, you have not made the indications above in the Federal Taxes area for 1099-R.</SPAN> <B></B><I></I><U></U><BR /></P>
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Re: For some reason, my New York State teacher retirement income is NYS taxable in Turbotax. How so I fix this
</title>
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https://ttlc.intuit.com/community/retirement/discussion/re-for-some-reason-my-new-york-state-teacher-retirement-income-is-nys-taxable-in-turbotax-how-so-i/01/1405409#M99958
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<P>I select the "New York State and City Education" option under "Where Is Thsi Distribution From?" but when I continue ond and then come back to check the entry the system keeps changing my selection to "US Government (Including Military).&nbsp; How do I keep this so the distribution selection remain "New York State and City Education"?</P><P>&nbsp;</P>
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Re: You need to indicate that its a New York State Teacher's...
</title>
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https://ttlc.intuit.com/community/retirement/discussion/re-you-need-to-indicate-that-its-a-new-york-state-teacher-s/01/1654012#M108233
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<P>I have done everything you suggest in this reply.&nbsp; TT is exempting the total teacher pension, $38,000,&nbsp; AND the $20,000 pension exclusion for a total exemption of $58,000. &nbsp; This can't be right.&nbsp; How can it exempt more than I'm making? There are no other pensions, IRA dist or annuities.&nbsp; How to fix this?&nbsp; Do I need to start over? &nbsp;</P>
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https://ttlc.intuit.com/community/retirement/discussion/re-you-need-to-indicate-that-its-a-new-york-state-teacher-s/01/1654012#M108233
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<dc:date>2020-07-02T12:29:43Z</dc:date>
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Re: You need to indicate that its a New York State Teacher's...
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https://ttlc.intuit.com/community/retirement/discussion/re-you-need-to-indicate-that-its-a-new-york-state-teacher-s/01/1659012#M108582
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<P>On the "Where Is This Distribution From", you need to select "Not eligible for exclusion for those over age 59 1/2. This will allow you get the full exclusion of your retirement distribution without TT adding the $20,000 pension exclusion. This screen in TT is VERY confusing because they are asking 2 different things here - where the distribution comes from (which you never get to answer), and if you should be exempt from NYS $20,000 pension exclusion. TurboTax really needs to fix this as there are probably people out there getting taxed on a large portion of their non-taxed pension!</P>
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