On 1099R "Can I reduce early withdrawal penalty?" Then "Situation o lower tax bill". Second box is "Separationof service". Does "service"mean military or job retirement?

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On 1099R "Can I reduce early withdrawal penalty?" Then "Situation o lower tax bill". Second box is "Separationof service". Does "service"mean military or job retirement?

It is IRS speak for leaving your employment.

If the employee separates from service during or after the year the employee reaches age 55 (age 50 for public safety employees of a state, or political subdivision of a state, in a governmental defined benefit plan) the 10% early distribution penalty does not apply.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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On 1099R "Can I reduce early withdrawal penalty?" Then "Situation o lower tax bill". Second box is "Separationof service". Does "service"mean military or job retirement?

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