schirallicpa Posted May 27, 2016 Report Share Posted May 27, 2016 My client moved to NYS in August 2015. Previously lived in TX - AH Texas, where the skies are not clouded with income tax laws all day....................Anyway - the date of death of his father was in March 2015. He received as beneficiary a couple of pensions, that are properly coded as "4". The question is - since the date of death was while he was still a resident of TX, can I allocate that income as TX income and not pay NYS tax on it? Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted May 27, 2016 Report Share Posted May 27, 2016 I'd say it depends on when he actually received the money. Is it a monthly benefit? Quote Link to comment Share on other sites More sharing options...
Lee B Posted May 27, 2016 Report Share Posted May 27, 2016 You need to find find out whether your client was a beneficiary of the pension benefit or ? Some pensions have a so called "death benefit" which is the equivalent to life insurance, in which case it may not taxable. 1 Quote Link to comment Share on other sites More sharing options...
Patrick Michael Posted May 31, 2016 Report Share Posted May 31, 2016 Would they be eligible for the $20,000 pension exclusion in NY? Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted May 31, 2016 Report Share Posted May 31, 2016 On 5/27/2016 at 5:45 PM, cbslee said: You need to find find out whether your client was a beneficiary of the pension benefit or ? Some pensions have a so called "death benefit" which is the equivalent to life insurance, in which case it may not taxable. I would think if you get a 1099-R for it, it's taxable. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted June 1, 2016 Report Share Posted June 1, 2016 On 5/31/2016 at 7:54 AM, Abby Normal said: I would think if you get a 1099-R for it, it's taxable. I ran into this a few years ago. We had to claim it the year that the 1099 was issued; which was not the year of death. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted June 1, 2016 Report Share Posted June 1, 2016 On 05/31/2016 at 7:12 AM, Patrick Michael EA said: Would they be eligible for the $20,000 pension exclusion in NY? if the decedent would have qualified for the $20,000 exclusion based on age then the beneficiary can claim the exclusion. 1 Quote Link to comment Share on other sites More sharing options...
joanmcq Posted June 2, 2016 Report Share Posted June 2, 2016 It's the date the distribution was made, not DOD. 2 Quote Link to comment Share on other sites More sharing options...
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