Quick Answer
New York does not tax Social Security benefits, and pensions from New York State, New York City and federal government jobs are generally exempt from New York income tax. Other pensions and IRA withdrawals may qualify for a pension and annuity exclusion of up to $20,000 per person once you reach age 59 and a half.
Retired city workers
Retired NYPD, FDNY, teachers, sanitation and transit workers make up a big share of the Island. Their city pensions are generally exempt at the state and city level, but they are still taxable on the federal return.
Private pensions and IRAs
Private pensions, 401(k) and IRA distributions are generally taxable federally. New York's $20,000 exclusion can cover part or all of them for eligible retirees, and each spouse can claim their own exclusion.
Moving to New Jersey or North Carolina?
Some retirees move to Monmouth County or the Carolinas. Your residency date matters: you may file part year returns in both states the year you move. Our Calabash, North Carolina office helps retirees who relocate.
Checklist
- Form SSA-1099 for Social Security
- Form 1099-R for pensions and IRA withdrawals
- Required minimum distribution statements
- Medicare premium and medical expense records
General information only. Talk with a preparer about your own situation.
Keep reading
Questions about your own situation? Book an appointment with the My Tax Fella team.