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Retirement tax questions
Not sure
....I've worked thru the form Q&A 6 ways from Sunday for a 55 year old, and I can't get the penalty to show up unless I have a Code 1 in box 7 (which it wouldn't be for a normal Military retirement, even if under 59.5....might also happen in certain situations if you accidentally checked "IRA/SEP/Simple" box in the main form. )
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You really have that 2020 military 1099-R form already ? Don't wing it, wait for the form and enter it carefully.
AND....If you get a question in the follow-up pages about whether it is a Qualified, or Non-qualified retirement plan.....Military 1099-R forms are for Non-qualified plans.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎January 8, 2021
4:03 PM