ncCPAp on the GO!

NYS Pension Exclusion

  • 1.  NYS Pension Exclusion

    Posted 03-26-2019 12:37
    I hope everyone is having as much "FUN" as I am this tax season!

    My client's husband was an instructor at Nassau Community College and he received his pension through TIAACREF.  As a government employee his pension was not taxable.  He passed away and the wife is now receiving his benefits.  Does she qualify for the same exclusion?

    Thanks as always.


    ------------------------------
    Paul Sadej
    CPA
    PAUL J. SADEJ JR., CPA PC
    Bellmore NY
    ------------------------------


  • 2.  RE: NYS Pension Exclusion

    Platinum Most Valuable Member
    Posted 03-26-2019 20:59
    Paul
    Sorry, but TIAA-CREF is not a NYS government employee pension, thus only would qualify for the 20k exclusion.


    ------------------------------
    David Rothfeld
    DAVID J. ROTHFELD, CPA
    Hicksville NY
    516-433-2129
    ------------------------------



  • 3.  RE: NYS Pension Exclusion

    Posted 03-27-2019 08:12
    Paul
      I am handling the estate administration for a former client wiht assets at TIAA and the distributions can remain non taxable for NYS Income tax purposes.  The exemption is very specific so best answer is to contact the clients financial advisor at TIAA and request a answer to the tax status for NYS Income purposes.  If there is no advisor assigned I can put you in touch with one of their advisors.  Feel free to call me if you would to discuss by phone.

    ------------------------------
    David R. Okrent, Esq., CPA, Managing Attorney
    The Law Offices of David R. Okrent
    Concentrating in Elder Law, Estate Planning and Administration & Special
    Needs
    Main office:
    33 Walt Whitman Road, Ste 137
    Dix Hills, New York 11746
    Satellite Offices: Throughout Long Island
    Telephone 631-427-4600x302
    Fax 631-423-0476
    DOkrent@davidrokrentlaw.com
    Clients only: dokrent1@davidrokrentlaw.com

    ATTORNEY CLIENT PRIVILEGE/CONFIDENTIALITY NOTICE: This electronic mail
    transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender or receiver and is protected by the attorney client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation.
    ------------------------------