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Don Priebe - November 20081 New York and the 1099-R Everyone knows that... If its on a 1099-R NY doesnt tax it So where do I put it on the IT-201?

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Presentation on theme: "Don Priebe - November 20081 New York and the 1099-R Everyone knows that... If its on a 1099-R NY doesnt tax it So where do I put it on the IT-201?"— Presentation transcript:

1 Don Priebe - November New York and the 1099-R Everyone knows that... If its on a 1099-R NY doesnt tax it So where do I put it on the IT-201?

2 Don Priebe - November 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

3 Don Priebe - November IT-201 Subtraction section

4 Don Priebe - November 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?

5 Don Priebe - November Example one

6 Don Priebe - November Bonus question – what other form is required if this return is not electronically filed?

7 Don Priebe - November Example two

8 Don Priebe - November Example three

9 Don Priebe - November Example four

10 Don Priebe - November Example five

11 Don Priebe - November TaxWise Exclusion on 1099-R Box 1 – Private Pensions Box 2 – Public Pensions Railroad


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