My husband retired in 2015 from US border patrol at 55 yrs of age, mandatory retirement is 57 yrs old. He receives a pension. This year turbo tax is asking if he took his pension out before 591/2 yrs of age. I don't see other options and now they are asking what he did with the money or if he inherit the pension. I don't understand this and i have neve had issues before.
Can someone explain this please.
Thank you
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Is the code in box 7 a 2? There is an exception to the 10% penalty 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 definition of Public Service officer recently expanded to include specified federal law enforcement officers, customs and border protection officers, federal firefighters and air traffic controllers.
In TurboTax, there is a section to indicate you are not subject to the penalty. This is after you have entered all your 1099R information and continue through. Make sure you indicate benefits are from a qualified plan. Enter the amount form box 2a on the line for separation of service at 55.
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