72t SEPP distribution

[KamC]

I started taking an annual distribution from my IRA under 72t in 2024.  I sent Fidelity the forms to take such a distribution.

When I import the files into TurboTax, it shows I owe the 10% penalty.  How do I correct this?  It doesn't specify that it is a 72t distribution, other than changing the code to 2 (line 7 from 1099R), which I am sure I shouldn't change. 

Thanks

[dmertz · Accepted solution]

Click the Continue button on the page that lists the Form 1099-R that you entered.  TurboTax will offer the opportunity to claim the exception for a series of substantially equal periodic payments.  Enter the amount in the box labeled for such payments and TurboTax will include this amount on line 2 of Form 5329 with the code 02 exception, eliminating the penalty on this amount.