Deferred annuity

Viewing 8 posts - 1 through 8 (of 8 total)
  • Author
    Posts
  • #14352
    BobK
    Participant

    Is my teacher deferred annuity taxable by New York State

    #14353
    Alan S.
    Participant

    Is this a 403b plan, teacher’s pension, or other? What is the name of the sponsoring employer? Are you over 59.5?

    #14388
    BobK
    Participant

    It is the Teachers Retirement System(TRS) from the City of New York

    #14389
    BobK
    Participant

    It is a 403(b) plan. Supplemental

    #14391
    ruth
    Participant

    It’s not taxable. See page 12 of NY Publication 36. https://www.tax.ny.gov/pdf/publications/income/pub36.pdf

    #14393
    BobK
    Participant

    Thanks Ruth but need to make sure of something. This would be an RMD distribution from the deferred annuity not a pension or basically any annuity distribution.

    Are you referring to the $20,000 exclusion for pension and annuity income?

    I know the deferred annuity distribution is subject to Federal tax . I know a pension from the State or City of New York is totally excluded. I feel you have referred me to this $20,000 exclusion area. Please confirm.thanks

    #14396
    BobK
    Participant

    Just to add on. Again, the teachers tda plan is definitely a 403(b) designated plan and actually a supplemental retirement plan. I receive a separate pension from the New York City TRS plan which is excluded from State not Federal.

    Want to make sure this separate tda plan falls under the above publication and Any distribution I do not have to pay New York State tax.

    Comments from anyone familiar who has had a TDA DISTRIBUTION is also appreciated.

    #14397
    Alan S.
    Participant

    It’s fully excludable if a NYC TRS 403b distribution. This exclusion applies regardless of age or form, so includes non periodic distributions.

    Here is an advisory opinion from NYS Tax Dept:
    https://www.tax.ny.gov/pdf/advisory_opinions/income/a02_9i.pdf

Viewing 8 posts - 1 through 8 (of 8 total)
  • You must be logged in to reply to this topic.