topic Thanks dmertz! in Retirement tax questions

Should I re-code form 1099-r box 7 to 2 instead of 1 since I have a SEPP and I'm getting charged a 10% penalty incorrectly?

mpetersnco — Sat, 01 Jun 2019 07:07:36 GMT

I retired after turning 55 in 2015 but I'm under 59 1/2, but understood that with rule 72(t) I could set up a SEPP and not incur the 10% penalty

There is no need for a corrected Form 1099-R. In the fol...

dmertz — Sat, 01 Jun 2019 07:07:37 GMT

There is no need for a corrected Form 1099-R. In the follow-up after clicking the Continue button on the Your 1099-R Entries page, enter the amount of these distributions into the Equal Periodic Payments box and TurboTax will report them on Form 5329 as qualifying for the SEPP exception to the early distribution penalty.

Thanks dmertz!

CherylW — Sat, 01 Jun 2019 07:07:38 GMT

Thanks dmertz!