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Level 2

Question

NYS pension /annuity exclusion

Forum|Forum|6 years ago
February 9, 2020
3 replies
34 views

Line 4b does not calculate correctly. The total pensions are more that $20,000, however Turbo Tax is showing an amount less than $20,000. How does Turbotax calculate this? This should be a $20,000 exclusion.

Alumni - Expert

Alumni - Expert

I would recommend reviewing your input.

Go back to the Federal section of the program.

Select Income & Expenses
Select "IRA,401(k), Pension Plan Withdrawals (1099-R)
Select "Edit" under the appropriate 1099-R form
Proceed to answer through the screens until you see "Select Your State". (You should see this after enter your details from the 1099-R, and the question asking if you are a public safety officer.

Select State

Make sure you have selected New York here in order to allow TurboTax to compute the exclusion calculation correctly as it applies to you.

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olanvinroAuthor

Level 2

I don't get a selection of states in no.4. This didn't help.

Level 15

NY does have a $20,000 exclusion but only on certain retirements.It does NOT apply to NY local government or federal pension plans.

If your income is from pensions, IRAs and annuities, it should be calculating. If you should have the credit, please try the following:

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If you still don't have the right exclusion, please fill this form out for someone to call you.

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