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Level 2
posted Mar 3, 2024 12:15:01 PM

NYS IRA source?

How do I enter "Where is this distribution from?"  None of the NYS choices match.  Its an IRA from employee/employer contributions.  I need to get this correct so I can get the $20000 exclusion.

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1 Replies
Expert Alumni
Mar 3, 2024 12:33:43 PM

Yes, the correct choice is None of the above, if none of these categories fits.

 

You can deduct certain federal, New York state, or local government pension distributions from your New York income. Government pensions include those from these sources:

 

  • US government, its territories or possessions, or the District of Columbia
    Military
  • New York State, including State and City universities of New York and New York State Education Department (Optional Retirement Program)
  • Manhattan and Bronx Surface Transit Operating Authority
  • Long Island Railroad Company
  • Metropolitan Transit Authority (MTA) Police 20-Year Retirement Program
  • Local governments within New York

In addition, if you are over 59-1/2 years old, you can deduct up to $20,000 of other retirement income. This is done automatically on your state return based on your age and residence.