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usreytd
New Member

Is my military retirement income subject to an additional 10% tax if I'm below the age of 60. Turbotax is very confusing about this.

 
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1 Reply
MinhT1
Expert Alumni

Is my military retirement income subject to an additional 10% tax if I'm below the age of 60. Turbotax is very confusing about this.

If you receive your military retirement as a pension (in equal periodic payments), then it is not subject to the early retirement penalty of 10%, even if you are aged less than 59 1/2.

 

Please this TurboTax Help article for more information.

 

In TurboTax Online, please follow these steps:

  1. After you have entered all your forms 1099-R, on the summary page Review your 1099-R Info, click Continue 
  2. Follow the interview until you arrive at the page titled These situations may lower your tax bill.
  3. Enter the amount of your distribution in the box next to Equal Periodic Payments and click Continue
  4. Your early withdrawal penalty will be waived.

 

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