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I deducted my GM Pension ((up to $20K) from my NYS Income…

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I deducted my GM...

I deducted my GM Pension ((up to $20K) from my NYS Income Tax. Just received notice that am not eligible to claim this deduction because I am under 59 1/2! Who Knew???

Accountant's Assistant: The Expert will know how to help. Please tell me more, so we can help you best.

Is it true"


Submitted: 9 months ago.Category: Tax
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10/7/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 9 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,669
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi - So sorry (please don't shoot the messenger) but yes.

...

See this from NY Dept of Taxation and Finance here: https://www.tax.ny.gov/pit/file/information_for_seniors.htm

...

"If you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a private pension and annuity exclusion of up to $20,000. This exclusion from New York State taxable income applies to pension and annuity income included in your federal adjusted gross income. For more information on the pension exclusions and other benefits for retired people, see Publication 36,General Information for Senior Citizens and Retired Persons."

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 9 months ago

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Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

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