Equal periodic payments. Is this the total amount for the year or the actual amount received once a month?

Forum|Forum|2 years ago
January 29, 2024
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TurboTax Deluxe Online

Best answer by Vanessa A

If it is asking that in the part to see if your penalty can be excluded then it would be the amount for the year that you received. So, if you received $500 a month for 12 months, then you would enter $6,000.

Vanessa A

Equal periodic payments are the payments you receive with each payment. So, usually this is a monthly payment, but could be quarterly.

Where do you see this question? If it is in the retirement section asking how you received the money, it does not ask for the amount, it is just asking if you get regular payments or if you just took out a lump sum or had a one time payout.

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drsuess75Author

In section asking other situations that may lower your bill. It asks for an amount, however isn’t clear as to the total amount for the year or just the actual periodic amount.