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Inheritance IRA Tax
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jamessite
Level 3
10-31-2024
10:00 AM
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If a client in NY creates an Inheritance IRA and takes money out every year, can they claim the $20000 exclusion on distributions from an IRA?
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ljr
Level 8
10-31-2024
10:47 AM
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not sure by what you mean creates an inherited IRA - but in NY after 59 1/2 (on the first day of the year)
NY has a pension/IRA exclusion of $20,000 per taxpayer. It can come from a regular or inherited IRA, 401K or pension. It all goes to one line on the tax return.
This exclusion is per year. Any amount over the $20K in the same year is taxable.
