NYS Pension Exemption
A Widow of deceased NYS employee had her deceased husband’s pension transferred from his TIAA-CREF Pension Account to a tiaa cref ira in her name. By doing this, did she give up the NYS pension exclusion?
A Widow of deceased NYS employee had her deceased husband’s pension transferred from his TIAA-CREF Pension Account to a tiaa cref ira in her name. By doing this, did she give up the NYS pension exclusion?
Permalink Submitted by Alan Spross on Sat, 2012-03-17 22:17
She may have given up some of it.
Rather than having the entire payment subtracted from NY income, distributions from the IRA are subtracted only up to 20,000 per year. See att’d:
http://www.tax.ny.gov/pdf/publications/income/pub36.pdf