Information for retired persons
Pension and annuity income
Your pension income is not taxable in New York State when it is paid by:
- New York State or local government
- the federal government, including Social Security benefits
- certain public authorities
In addition, income from pension plans described in section 114 of Title 4 of the U.S. code received while you are a nonresident of New York State is not taxable to New York.
If your pension is taxable to New York and you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a pension and annuity exclusion of up to $20,000. This exclusion from New York State 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, Tax Guide for Seniors, explains federal tax benefits that apply to older Americans.
Return filing requirements
Even if you do not owe New York State income taxes, you may be required to file an income tax return. See filing information for: