[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-302444-105":53,"doc-detail-302444-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","new-york-pension-exemption-available-upon-death","New York Pension Exemption Available Upon Death","","Explains New York’s $20,000 annual tax exclusion for qualified annuity and pension income and how it applies when the pensioner or annuitant dies. Covers the general exclusion limits for residents and the qualification requirements for pension or annuity income, including federal income inclusion and service or deductible contribution origins. Details beneficiary treatment, including eligibility for individuals or trusts, one-exclusion-per-beneficiary limits, and allocation among multiple beneficiaries based on distribution ratios.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/new-york-pension-exemption-available-upon-death/302444/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/new-york-pension-exemption-available-upon-death/302444.png","ImageObject",442,249,{"name":88,"@type":89},"Gloria","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-26","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":76},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the maximum New York exclusion for pension and annuity income each year?","Question",{"text":108,"@type":109},"For any New York resident, the maximum exclusion cannot exceed $20,000 per year. For married couples, each qualifying spouse may subtract up to $20,000 independently, but no unused portion may be transferred between spouses.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What income qualifies for the $20,000 pension or annuity exclusion in New York?",{"text":113,"@type":109},"The pension and annuity income must be included in the taxpayer’s Federal adjusted gross income and must meet timing and source requirements tied to employee service before retirement or deductible retirement-plan contributions, with periodic-payment rules generally applying (with specific exceptions for Keogh and IRA plans).",{"name":115,"@type":106,"acceptedAnswer":116},"How does the exclusion work for beneficiaries after the pensioner dies?",{"text":117,"@type":109},"Upon death, beneficiaries may use the exclusion for the decedent’s future pension distributions if the decedent’s income would have qualified before death and the beneficiary is an individual or a trust created by the decedent. A beneficiary receiving a distribution is entitled to only one $20,000 exclusion, and with multiple beneficiaries the $20,000 is allocated in proportion to the distributions.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},302444,1790023873,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":76,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":76,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":9},2336474459895,"https://ap-avatar.wpscdn.com/avatar/22000baeef7a5ed0655?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786071322749376916","CPA Journal Online Page 1 of 3  \nSearch  \nSoftware Personal Help  \nCPA Journal    \nSTATE & LOCAL TAXATION  \nNEW YORK PENSION EXEMPTION AVAILABLE UPON DEATH  \nBy Mark Stone, CPA, CFP, MS Yohalem Gillman & Co., LLP  \nEvery New York tax practitioner knows about the $20,000 annual tax exclusion that offsets taxable distributions from an annuity or retirement plan. A retirement plan includes individual retirement accounts, self-employed retirement plans (SEPS, SIMPLE, and Keoghs), and all qualified plans pursuant to the Internal Revenue Code. The question that often arises, is whether the exclusion can be availed of upon death of the pensioner or annuitant.  \nGeneral Exclusion Rule  \nThe maximum exclusion allowed for any New York resident can never exceed $20,000 per year. For a married couple, each resident spouse who qualifies for the exclusion independently is eligible to subtract up to $20,000 from his or her income. However, neither spouse can claim any unused part of the other spouse's exclusion.  \nThe $20,000 exclusion is offset against the combined income received from all disability, annuity, and pension income. To qualify as pension or annuity income, the taxpayer has to be 591Ž2 before January 1 and the pension and annuity income must 1) be included in the taxpayer's Federal adjusted gross income,  \n2) be derived from services performed as an employee before retirement or from retirement plan contributions that are deductible under Federal income tax law, and 3) be received in periodic payments. The periodic payment requirement does not apply to Keogh and IRA plans. For these plans, the exclusion is available for lump-sum distributions except for those using either the five-or ten-year lump sum averaging method or the 20% capital gain election (both found on Federal tax form 4972) to compute taxes.  \nFor New York nonresident taxpayers, pension annuities received from New York related employment have never been subject to New York income taxes. While pension annuities are not taxable, other retirement plans including IRAs and Keogh distributions have always been subject to New York income taxes, against which the $20,000 exclusion is available. When the president signed the Pension Income Taxation Limits Act at the end of 1995, it prohibited any state from taxing retirement income of anonresident of that state after December 31, 1995. As such, the tax ramifications of this exclusion only relate to New York resident taxpayers and descendants.  \nBeneficiary Exclusion Allowed  \nUpon death of the pensioner or annuitant (\"the decedent\"), the beneficiary can use the exclusion for the decedent's future pension distributions. If the decedent's pension or annuity income would have qualified for the exclusion prior to death, then the exclusion can be utilized under New York Tax Law section 612(c)(3-a). In this case, the beneficiary must be either an individual or a trust created by the decedent. There is no  \n[http://www.nysscpa.org/cpajournal/1997/1297/dept/D621297.htm](http://www.nysscpa.org/cpajournal/1997/1297/dept/D621297.htm) 12/9/2013  \nCPA Journal Online Page 2 of 3  \nage requirement that must be met by the beneficiary to exclude this income. It must be noted that a beneficiary receiving a distribution is entitled to only one $20,000 exclusion.  \nExample: Jack receives $15,000 annual pension income. Jack's wife, Jill, receives $17,000 annual pension income. In any one year, the combined $32,000 of qualified pension income is excluded from New York taxes. Jack dies naming his wife Jill as the pension beneficiary of $5,000 annually, and his 18-year-old son, Jon, as the remainder beneficiary. In this case, Jill's exclusion will be limited to the $20,000 annual exclusion for her total pension income of $22,000; Jon will exclude the entire $10,000 received.  \nExclusion Allocation  \nIf the deceased has more than one beneficiary, does each beneficiary qualify for the $20,000 pension and annuity income? Since the annual exclusion b","cbCaipXCAdcUU90T","https://ap.wps.com/l/cbCaipXCAdcUU90T","pdf",159081,"English","# General Exclusion Rule\n## Maximum exclusion limits\n## Offsetting qualified pension and annuity income\n## Treatment of residents vs. nonresidents\n# Beneficiary Exclusion Allowed\n## Eligibility after death\n## One $20,000 exclusion limit\n## Example allocation among beneficiaries\n# Exclusion Allocation\n## Multiple beneficiaries and proportional allocation","[{\"question\":\"What is the maximum New York exclusion for pension and annuity income each year?\",\"answer\":\"For any New York resident, the maximum exclusion cannot exceed $20,000 per year. For married couples, each qualifying spouse may subtract up to $20,000 independently, but no unused portion may be transferred between spouses.\"},{\"question\":\"What income qualifies for the $20,000 pension or annuity exclusion in New York?\",\"answer\":\"The pension and annuity income must be included in the taxpayer’s Federal adjusted gross income and must meet timing and source requirements tied to employee service before retirement or deductible retirement-plan contributions, with periodic-payment rules generally applying (with specific exceptions for Keogh and IRA plans).\"},{\"question\":\"How does the exclusion work for beneficiaries after the pensioner dies?\",\"answer\":\"Upon death, beneficiaries may use the exclusion for the decedent’s future pension distributions if the decedent’s income would have qualified before death and the beneficiary is an individual or a trust created by the decedent. A beneficiary receiving a distribution is entitled to only one $20,000 exclusion, and with multiple beneficiaries the $20,000 is allocated in proportion to the distributions.\"}]","New York Pension Exemption Available Upon Death | PDF",1789792977]