NYS - My client is a 20 percent beneficiary of an inherited IRA and therefore limited to a NYS pension exclusion of $4,000 (out of the $20,000). How do I apply the limitation to the pension exclusion? I tried going to the pension and annuity worksheet and putting the 20 percent, but it doesn't work. Thank you.
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Complete the pension/annuitie ira worksheet part 1.
You have to fill out the section asking;
Decedents DOB, Decendents total pens.., exclusion claimed on decedents return,
Beneficiaries % share of dist
It calculates properly and will select the IT 201 line 9 checkbox.
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