Pension and annuity income
Your pension income is not taxable in New York if it is paid by:
- New York State or local government
- the federal government, including Social Security benefits
- certain railroads
If you are over the age of 59 ½ or turn 59 ½ during the tax year, 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.
IRS Publication 575, Pension and Annuity Income may assist you in computing your reportable pension income on your federal income tax return. IRS Publication 554, Older Americans Tax Guide explains federal tax benefits that apply to older Americans.
Return Filing Requirements
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:
- are required to file a federal return,
- did not have to file a federal return, but your federal adjusted gross income plus New York additions exceeds $4000 (or $3000 if you can be claimed as a dependent on another person's federal tax return),
- want to claim a refund, or
- want to claim a credit.
If the tax due on your income tax return is more than $300 you may have to pay estimated tax. See estimated tax for more information.