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If both my spouse and I are receiving distributions from the New York State Deferred Compensation Plan and we file jointly, can we deduct up to $40,000?

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If both my spouse and I are receiving distributions from the New York State Deferred Compensation Plan and we file jointly, can we deduct up to $40,000?

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Each person may deduct up to $20,000 (each calendar year) of benefits received from the New York State Deferred Compensation Plan. If each person is receiving benefits equal to or in excess of $20,000 and both meet the age criterion, then a $40,000 deduction can be claimed.

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