I have a 72t account my 1099-R has distribution code 1 and IRASEPSIMPLE checked. the option to select I took equal periodic payments is not there

[SantinoD · Accepted solution]

In order to get to the screen to enter your periodic payments, follow the steps below:

1. Sign in to TurboTax
2. Click on Federal then Wages and Income on the left panel
3. Click the Edit/Add button next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
4. You should see the 1099-R that you entered. On this page, click Continue towards the bottom of page
5. Answer "Have you ever taken a disaster distribution before 2022?" then click Continue
6. Answer "Any Nondeductible Contributions to XXXX IRA?" then click Continue
7. You should see this screen, "Let's see if we can reduce your early withdrawal penalty" Click Continue
8. You should now see "Did you use your IRA to pay for any of these expenses?". This is the section where you enter your Equal Periodic Payments. See the screenshot below.

[deannaw30]

Thank you!! It finally went to that page after trying 5 times even after I put the entire amount as equal payments it still says iI have to pay the 10% tax penalty, yet when I put the amount on a different option it said I don’t owe the penalty. 

[luv2skyski]

After doing this in TT do you still have to fill out and mail in form 5329?

Sincerely, Dave.

[deannaw30]

I believe Turbo Tax generates the form for you. I didn't have to do anything else last or this year.

[luv2skyski]

Thank you.

Sincerely, Dave.