| Information for seniors
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| Pension and annuity income |
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| Your pension income is not taxable in New York if it is paid by:
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New York State or local government |
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the federal government, including Social Security benefits |
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most railroads |
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| If you are over the age of 59 ½, you may qualify for a private pension and annuity exclusion of up to $20,000. This exclusion from New York 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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| IRS Publication 575, Pension and Annuity Income may assist you in computing your reportable pension income on your personal income tax return. IRS Publication 554, Older Americans Tax Guide explains federal tax benefits that apply to older Americans. |
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| Return Filing Requirements |
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| Even if you do not owe New York State income taxes, you must file an income tax return if you live in New York and:
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are required to file a federal return, |
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did not have to file a federal return, but your income exceeds $4000 (or $3000 if you can be claimed as a dependent on another person's federal tax return), |
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want to claim a refund, or |
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want to claim a credit. |
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| If your income tax return balance due is more than $300 you may have to pay estimated
tax. See estimated tax for more information.
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