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me_jillhanna
New Member

According to Form 1099-R, my "State Taxable Percentage" (box after #14) is 62.45%. How do we account for that on our KY State form?

 
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DanielV01
Expert Alumni

According to Form 1099-R, my "State Taxable Percentage" (box after #14) is 62.45%. How do we account for that on our KY State form?

That depends, but in most cases it won't be necessary to report at all.  This is because Kentucky excludes the first $41,110 of pension income regardless of the source.  If the pension amount is less than $41,110, nothing will come up about this in the KY return because it is all excluded.  If the pension is more than $41,110, then you will see screens that will ask questions about what type of pension it is (likely a government pension) and the percentage amount, etc.  TurboTax will calculate how much of the pension would still be taxable at that point.  This is all calculated on KY Schedule P.

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DanielV01
Expert Alumni

According to Form 1099-R, my "State Taxable Percentage" (box after #14) is 62.45%. How do we account for that on our KY State form?

That depends, but in most cases it won't be necessary to report at all.  This is because Kentucky excludes the first $41,110 of pension income regardless of the source.  If the pension amount is less than $41,110, nothing will come up about this in the KY return because it is all excluded.  If the pension is more than $41,110, then you will see screens that will ask questions about what type of pension it is (likely a government pension) and the percentage amount, etc.  TurboTax will calculate how much of the pension would still be taxable at that point.  This is all calculated on KY Schedule P.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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