When I filed my NYS taxes for 2021 I owed much more than in past years. Yesterday I looked at my "pension exclusion" entries and one of my pensions was NOT recorded correctly in the interview process.
I amended my return, which will get me a significant refund.
From posts in this forum (going back several years) I'm confused about excluding pensions and also using the "up to" $20,000 exclusion--there are threads noting that TT may be "double dipping" for the exclusion.
On line 26 there is a pension exclusion of (about) $67,000
On line 29 (about) $19,600 [this line can't exceed $20,000]
By 2022 I would assume TT has rectified old issues.
HELP!
"I amended my return, "
Did you submit that amendment to NY State ?
It's then too late to get help. You'll have to wait to find out what NY state does with your amendment.
You can compare your current revised NY tax return against previous NY returns that were approved.
NYS (via my amended return filing) refunded the amount TT computed about 3 weeks after I filed 201x.
Is it possible that at some future date NYS could reverse my (new) refund??
TurboTax correctly calculates tax breaks on the New York state return.
The $20,000 New York pension exclusion DOES NOT include pensions from New York state (NYS), local governments and/or the federal government.
Lines 26 and 29 of Form IT-201 refer to two different types of pensions.
Line 26 is a subtraction for nontaxable government pensions. A pension received from NYS and local governments or the federal government are subtracted in arriving at a NYS adjusted gross income figure, so they are not considered in the calculation for the $20,000 exclusion for pension income that is taxable by NYS.
Line 29 is the exclusion of up to $20,000 for taxable pensions.
See Common questions and answers about pension subtraction adjustments