Your pension income is not taxable in New York if it is paid by:
If you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a private pension and annuity exclusion of up to $20,000. This exclusion from New York taxable income applies to pension and annuity income included in your federal adjusted gross income. For more information on the pension exclusions and other benefits for retired people, see Publication 36, General Information for Senior Citizens and Retired Persons.
IRS Publication 575, Pension and Annuity Income may assist you in computing your reportable pension income on your federal income tax return. IRS Publication 554, Tax Guide for Seniors explains federal tax benefits that apply to older Americans. Return Filing Requirements Even if you do not owe New York State income taxes, you must file an income tax return if you live in New York and:
If the tax due on your income tax return is more than $300 you may have to pay estimated tax. See estimated tax for more information.
