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Iowa National Gurard and Military Reserve Retirement Plan Withdrawals

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Question
Is my retirment plan withdrawal exempt if I am a member of the National Guard or military reserve?

Answer

Exclusion of Distributions from Retirement Plans by National Guard members and members of military reserve forces of the United States 
(IAC 40.58)

If a National Guard member or member of the military reserve is called to active state or federal duty and makes a withdrawal from a qualified retirement account of the member, the amount of the withdrawal is not subject to Iowa income tax or state tax penalty. If this income is reported as taxable pension income on line 9 of the Iowa return, enter that amount on line 24 of the Iowa 1040.


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Article Details
Views: 958 Created on: Jun 15, 2013
Date updated: Dec 17, 2018
Posted in: States, Iowa

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