Don Priebe - November 2008 1

New York and the 1099-R

Everyone knows that ...

“If it’s on a 1099-R NY doesn’t tax it”

So where do I put it on the IT-201?

Don Priebe - November 2008 2

Retirement income exclusions

Social Security is excluded on line 27 Federal, NYS, and local government

pensions are excluded on line 26 Railroad pensions are excluded on

line 31 (code S-2) Other employee retirement income is

excluded on line 29

Don Priebe - November 2008 3

IT-201 Subtraction section

Don Priebe - November 2008 4

A short quiz ... Here are some typical 1099-Rs

Taxpayer is 65+ years old Taxpayer can answer your questions if you

need additional information Questions

What kind of income is this? Where on the IT-201 is this income excluded? If this is the only 1099-R, how much does NY

end up taxing?

Don Priebe - November 2008 5

Example one

Don Priebe - November 2008 6

Bonus question – what other form is required if this return is not electronically filed?

Don Priebe - November 2008 7

Example two

Don Priebe - November 2008 8

Example three

Don Priebe - November 2008 9

Example four

Don Priebe - November 2008 10

Example five

Don Priebe - November 2008 11

TaxWise Exclusion on 1099-R

Box 1 – Private Pensions

Box 2 – Public Pensions

Railroad