I am using the Substantially Equal Periodic Payment (72t) exemption to take early distributions from my traditional IRA unitil I am 59 1/2 (greater than 5 years). This should allow me to avoid the 10% penalty, but I still need to pay income taxes on the distribution.
When I use code "2- Early distribution (except Roth)", the program does not charge me the penalty or the taxes. Is there a different code I should use or is the software not written correctly to avoid the penalty, but charge the income tax?
When I call TurboTax, they want to charge me $80 to talk with a tax expert. The thing is, I know the tax law, I just can't figure out why TurboTax isn't calculating correctly.
Thank you in advance
