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

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Tax. Just received notice that...
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???
JA: The Expert will know how to help. Please tell me more, so we can help you best.
Customer: Is it true"|
JA: Is there anything else important you think the Expert should know?
Customer: no
Submitted: 2 months ago.Category: Tax
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Answered in 7 minutes by:
10/7/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,011
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 2 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

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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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,011
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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