I've used TurboTax for many years, and this is the first year I've seen this question. I live in MA, but was employed by a NY based insurance company (MetLife). My only pension comes from them. TurboTax is asking
"You reported taxable pension income of $xx,xxx.
Massachusetts allows a deduction for pension income from some states that do not tax pension income from Massachusetts. (This is called a reciprocal agreement.)
Was any portion of this qualified contributory pension income received from another state or one of its political subdivisions?"
Am I supposed to answer Yes or No? I'm reading the help links, but they seem to refer to pensions from public, government positions rather than a non-government company. If I do answer Yes, do I list my entire pension, $0, or the $20,000 which appears to be the NY maximum? (See https://www.mass.gov/technical-information-release/tir-95-9-income-taxation-of-contributory-public-e..., Example 1).
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No, your pension is not received from the state of New York, so the question should be answered No.
Your assumption that this applies to public and government pensions only is correct. MetLife is a private company, so this does not apply to your pension.
No, your pension is not received from the state of New York, so the question should be answered No.
Your assumption that this applies to public and government pensions only is correct. MetLife is a private company, so this does not apply to your pension.
Thank you very much!
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