Who is eligible for the income tax deduction?
A taxpayer who is a New York State resident and at least age 59½ at the beginning of the calendar year is eligible to deduct up to $20,000 of distributions received during the entire year from the New York State Deferred Compensation Plan, an eligible retirement plan or an IRA. A taxpayer who becomes 59½ during the calendar year may deduct those benefits received on and after the date he or she became age 59½, up to $20,000 each calendar year.
- If I have related entity expenses that aren’t eligible for a deduction and I had similar transactions in years before the addback was required, will the deductions be allowed for those prior years?
- If I have related entity expenses that aren′t eligible for a deduction, does the related entity still have to report the corresponding interest or rental income in Wisconsin income?
- What is the eligible dependant deduction?