I received a 1099-R for a 403b withdrawal. I was 56 years old at the time but am not subject to a penalty since I retired . I live in NY. I assume it's subject to state tax but am unsure what to answer on the screen where it asks where is distribution from .
Which do I select since I am under 59 1/2 and it was form a 403b:
- Not eligible for exclusion for those over age 59 1/2
- None of the above (select for deferred compensation 457 plans)
Thanks
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TurboTax wants to determine if you're a retired Federal employee or a retired State employee from the state you live in, as these distributions may not be taxable.
If none of the choices apply to you, select 'None of the Above'.
Here's more detailed info on New York Pension Distributions,
What matters is your age when you left service with the employer that provides this 403(b). You are only eligible for the penalty exclusion if you left the employer that provides this 403(b) in or after the year that you reached age 55. If you left that employer in some year prior to that, this exclusion does not apply.
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