NYS IRA Problem

[Zanos31]

I withdrew money from my IRA and had taxes withheld. TurboTax is now showing the taxes as being excluded and a refund is due me from NYS. I know that the IRA withdrawals are taxed in NYS. I've paid them in the past.

[VolvoGirl]

Have you entered all your income yet?  And check 1099R box 16 for state distribution amount.  

[Zanos31]

Yes I have done all that. When I hover over the Refund box on the top of TurboTax it shows no Income at all. None form my pension or IRA withdrawal. It's basically refunding me all of the taxes I paid to the state in 2023 which I know is not correct.

[PercyPenguin]

Revisit your 1099-R entries in the federal section.

Once you enter the 1099-R, there is a follow up question about NY.

I suspect you selected the option for "no exclusion" but didn't realize the rest of the sentence said- for those over 59.5. You want the no exclusion at all option. (From memory I think it is the bottom one).

I have presumed here that you are not over 59.5 in 2023, as you are certain it is taxable.

[Zanos31]

I am 70 years old and have made several withdrawals from my IRA. I have never had this problem before.

[PercyPenguin]

Can you provide more details? How much did you take as a distribution from the IRA and if applicable other pensions?

NY let's you exclude up to $20,000 of retirement income. Are your IRA and pension totals above that?

Did you enter all your 1099-R's? Is it possible it is excluding the IRA as this is the only one you have entered?