topic normal distrbution in Retirement tax questions

What is the tax rate on military retirement

ka-olafson — Tue, 04 Jun 2019 01:43:03 GMT

I had approx 18,000 for my military retirement and they already with-held 1073, but after entering my 1099-r my refund dropped almost 1000 dollars. I want to know how my 1099 is getting taxed and if I am getting charged for penalties as early withdrawl?

The military retirement income reported on a Form 1099-R...

DoninGA — Tue, 04 Jun 2019 01:43:04 GMT

The military retirement income reported on a Form 1099-R is entered as ordinary income on your federal tax return and is taxed at your current tax rate. See this DFAS website - <a rel="nofollow" target="_blank" href="https://www.dfas.mil/retiredmilitary/manage/taxes/isittaxable.html">https://www.dfas.mil/retiredmilitary/manage/taxes/isittaxable.html</a>

The 1099R will add to your other income and may put you i...

VolvoGirl — Tue, 04 Jun 2019 01:43:06 GMT

The 1099R will add to your other income and may put you into a higher tax bracket. And with a higher income you may lose some credits you were getting like the EIC. What code is in box 7? There should not be any Early Withdrawal Penalty on it.

normal distrbution

ka-olafson — Tue, 04 Jun 2019 01:43:07 GMT

normal distrbution

code 7 in block 7

ka-olafson — Tue, 04 Jun 2019 01:43:09 GMT

code 7 in block 7

Early withdrawal within the first 2 years is taxable upto...

desikeegie1085 — Tue, 04 Jun 2019 01:43:12 GMT

Early withdrawal within the first 2 years is taxable upto 25% and 10%the years after

What? Never heard of that. Please explain that.

VolvoGirl — Tue, 04 Jun 2019 01:43:13 GMT

What? Never heard of that. Please explain that.

It was something that President Obama put in place last y...

desikeegie1085 — Tue, 04 Jun 2019 01:43:15 GMT

It was something that President Obama put in place last year as a draw back to early withdrawal of any retirement including military and Roth IRA