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If I am receiving distributions from my New York State Deferred Compensation Plan account and an IRA, can I deduct $40,000 (if at least $20,000 is received from each account)?

April 26, 2017account compensation deduct Deferred distributions IRA new york Plan State

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If I am receiving distributions from my New York State Deferred Compensation Plan account and an IRA, can I deduct $40,000 (if at least $20,000 is received from each account)?

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No. The income tax deduction is applied to the combined total of distributions received from all private pension plans, eligible retirement plans, IRAs and deferred compensation plans. The income tax deduction is limited to a total of $20,000.