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Old 10-02-2014, 09:27 PM
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Pension from the United Nations

I have a question regarding pension from the United Nations. Is it taxable? How much is taxable? Is i taxable to NYS?
My friend retired from the UN and they receive their retirement in Euros in France and transfer a certain amount monthly to the U.S.
Since it is paid to France there is no 1099R.
Does this qualify for the NYS 20K pension exclusion if they are only living here part year?
Also, they have a property in France. They live in the U.S. (NY) 7 months and in France 5 months. Do I file a nys 201 full year resident form?
Is there anything special that has to be done with United Nations retirees?
Please advise. Thanks and have a great day.



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Old 10-05-2014, 05:16 AM
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Quote:
Originally Posted by rosa View Post
I have a question regarding pension from the United Nations. Is it taxable? How much is taxable? Is i taxable to NYS?
My friend retired from the UN and they receive their retirement in Euros in France and transfer a certain amount monthly to the U.S.
Since it is paid to France there is no 1099R.
Does this qualify for the NYS 20K pension exclusion if they are only living here part year?
Also, they have a property in France. They live in the U.S. (NY) 7 months and in France 5 months. Do I file a nys 201 full year resident form?
Is there anything special that has to be done with United Nations retirees?
Please advise. Thanks and have a great day.
I have a question regarding pension from the United Nations. Is it taxable?=>> If the wages were taxed annually, I would assume the pension is too. Elective deferrals or the "investment in the contract" might reduce the taxable portion. An "exclusion ratio" per IRS publication 575 is to be computed. Internal Revenue Service
Aslongas a 1099R distributed annually by the payor, IRS too receives a copy.


How much is taxable? ==>it depends; If you contributed after–tax dollars to your pension or annuity, your pension payments are partially taxable. You will not pay tax on the part of the payment that represents a return of the after–tax amount you paid. This amount is your cost in the plan or investment, and includes the amounts your employer contributed that were taxable to you when contributed. Partly taxable pensions are taxed under either the General Rule or the Simplified.
Is i taxable to NYS?=>>>>>your pension income is not taxable in New York if it is paid by:New York State or local government; the federal government, including Social Security benefits; certain public authorities
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.IRS Publication 575, Pension and Annuity Income may assist you in computing your reportable pension income on your federal income tax return. Or for more accurate info on your question, please contact the NYS dept of taxation and finance. Telephone number infomation -- individuals



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Old 10-05-2014, 01:51 PM
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Dear Wnhough,

Thank you so much for your response. I really appreciate your feedback and the information you provided was very helpful. Thanks again and have a great day.

Rosa



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