Taxes and your pension: Know the rules

Yes. The 1099-R shows retired members their gross benefit amount, the taxable amount of their pension and any federal tax withheld. You’ll need it to complete your 2024 income tax forms.

The 1099-R tax statement for calendar year 2024 pension earnings is available for all New York State Teachers’ Retirement System retirees via MyNYSTRS. For retirees who elected to receive a paper copy, it has been mailed to the address provided.

For retirees who opted to receive the 1099-R online, simply log in to your secure MyNYSTRS account. There, you’ll be able to access your statement on the “My Retirement/1099 Forms” page, along with tax statements from previous years.

Your NYSTRS pension is not subject to New York state tax but is subject to federal tax. If you live outside New York state, the tax laws of your state apply. For a handy state tax chart, visit https://rpea.org/resources/retirement-information/pension-tax-by-state/.

For more general information, consult the NYSTRS document General Income Tax Information at https://nysut.cc/taxinfo or visit nystrs.org/retirees/taxes-estate-planning. Questions about individual tax liabilities should be directed to a certified tax professional or the IRS.