Received pension as death bene - is DOD when he is considered receiving it?

[schirallicpa]

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?

[Abby Normal]

I'd say it depends on when he actually received the money. Is it a monthly benefit?

[Lee B]

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.

[Patrick Michael]

Would they be eligible for the $20,000 pension exclusion in NY?

[Abby Normal]

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.

[mcb39]

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.

[michaelmars]

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.

[joanmcq]

It's the date the distribution was made, not DOD.