Retirement income in New York
Varies
Does New York Tax Retirement Income?
Short answer: Partly. Taxpayers 59½+ may exclude up to $20,000 per person of private pensions, annuities, and 401(k)/IRA distributions. A 2025–26 bill to raise the $20,000 exclusion was not enacted.
Government pensions: Pensions from New York State/local governments and the federal government are fully exempt. Pensions, traditional IRA and 401(k) withdrawals are taxable federally either way; Roth withdrawals after 59½ (5-year rule met) are tax-free.
Records to keep: Keep your state return, W-2s and 1099s (1099-R, SSA-1099), and any state credit worksheets. Check your state revenue department's current-year instructions before you file.
Retirement income in New York
Varies
Individuals / Personal Taxes
Partly. Taxpayers 59½+ may exclude up to $20,000 per person of private pensions, annuities, and 401(k)/IRA distributions. A 2025–26 bill to raise the $20,000 exclusion was not enacted.
Business justification
Partly. Taxpayers 59½+ may exclude up to $20,000 per person of private pensions, annuities, and 401(k)/IRA distributions. A 2025–26 bill to raise the $20,000 exclusion was not enacted. Government pensions: Pensions from New York State/local governments and the federal government are fully exempt. Pensions, traditional IRA and 401(k) withdrawals are taxable federally either way; Roth withdrawals after 59½ (5-year rule met) are tax-free.
Category
- Personal Tax Deductions