I have fielded many questions over the past few weeks (naturally it's tax season) concerning the fact that the State of New York does not tax distributions received from the New York City Teachers' Retirement System's 403(b) (TDA) Plan.
That being said, why does the State Department of Taxation tell us that the contributions to the Plan are "tax-deferred" (which means distributions are subject to tax) when they treat distributions from the Plan as being "tax-exempt"? Should not the "D" in TDA be removed and replaced with the letter "E" to reflect the fact that the plan is a tax-exempt annuity plan, or TEA?
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