View Full Version : I am a retiree of the New York State Teachers Retirement.
ddufault
Mar 8, 2012, 08:18 PM
I cashed out on my IRA''s from Indiana and Ohio. I paid Federal taxes on these gross distributions. Am I required to pay N.Y. State taxes on them?
ddufault
Mar 8, 2012, 08:27 PM
As a retiree, am I required to pay NY State taxes on IRA distribution I receieved?
ScottGem
Mar 9, 2012, 04:48 AM
Do you live in NY? A distribution of an IRA is subject to federal and local taxes where you reside. With an IRA you don't pay taxes on the amounts you deposit, but defer taxes until you withdraw the money. When you withdraw the money its treated as ordinary income in the year received. So you pay taxes according to the laws where you reside.
ebaines
Mar 9, 2012, 07:09 AM
Many states provide exclusions from state income tax for retirement income such as pensions and distributions from IRA and 401(k) plans. In NY you don't pay tax on the first $20K in retirement income. It does not matter where you lived when you contributed to the IRA - now as a NY resident you pay income tax on withdrawals that exceed $20K/year.
ddufault
Mar 9, 2012, 10:21 AM
Thank you for the very clear and knowledgeable advice. I now more easily accept my lot... paying the required taxes. Ho-hum.