IRA exclusion on New York State

MAW
MAW Member Posts: 3 Newcomer
in Retirement Income

Where do I enter amounts of "pension and annuity exclusions," namely an IRA distribution, on the state (NY) tax form information so it shows up as a "subtraction" to income?

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Answers

  • JohnV
    JohnV FreeTaxUSA Agent Posts: 30 image
    edited February 22

    Hello MAW

    If you qualify for the NY pension and annuity exclusions, then in the NY state tab, there will be screens where you can specify which exclusion you are eligible for and the amount you can exclude, up to the state limits.

    NY has different rules on whether you meet the requirements for the pension and annuity exclusion, depending on the type of pension it is. You must meet the NY state rules for the sections under the state tax return to populate the screens where you can enter the exclusion amount.

    The State of NY provides guidance here: https://www.tax.ny.gov/pit/file/information_for_seniors.htm

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