I am not yet 59 1/2 but withdraw from my IRA monthly without penalty using equal periodic payments. Can I submit Form 5329 when I e-file?

Forum|Forum|1 year ago
March 16, 2025
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The financial institution holding the IRA does not use distribution code 2 (early distribution with exception). Since the 1099-R indicates distribution code 1 in box 7, doesn't the IRS require form 5329 to indicate the exception?

TurboTax Deluxe Online

DanaB27

If you took substantially equal periodic payments then you meet the exception for the 10% early withdrawal penalty and you can enter this on the "Did you use your IRA to pay for any of these expenses?" screen. Click continue after you entered all Form 1099-Rs and continue through the questions until you get the "Did you use your IRA to pay for any of these expenses?" screen. TurboTax will fill out Form 5329 and include with your e-filed return.

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