Dear TurboTax Community,
Is the first $20,000 of pension income still non-taxable even if you are still working and reporting income? I have checked the New York State Taxation and Finance website and it's not completely clear.
Thanks,
[email address removed]
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I see nothing in their documentation which would preclude you having income from other sources.
I see nothing in their documentation which would preclude you having income from other sources.
The New York pension and annuity exclusion is based on age and unrelated to whether you continue to work or not. Additionally, any wages you earn to not qualify for the pension exclusion.
If you were age 59½ or older for the entire tax year, you may exclude up to $20,000 of your qualified pension and annuity income from your New York adjusted gross income.
If you became age 59½ during the tax year, the exclusion is allowed only for the amount of pension and annuity income received on or after you became 59½, but not more than $20,000.
Married taxpayers who both receive pension income are each entitled to a maximum pension and annuity income exclusion of $20,000 whether they file jointly or separately. However, you cannot claim any unused portion of your spouse’s exclusion.
Qualified pension and annuity income includes:
See Publication 36, General Information for Senior Citizens and Retired Persons.
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