Trouble finding TurboTax Form 5329 (SEPP exception

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L1: Trouble finding TurboTax Form 5329 (SEPP exceptionI need to file a Form 5329 to correct my 1099-R Box 7 distribution code from 01 to 02 for my SEPP distribution I started in 2005. I’ve tried my best using the help screens from TurboTax (TT)to find a Form 1099-R replica screen that appears to be needed with no luck. I’m hoping that someone here is familiar with TT to help me through this next step. Everything else has been completed to this point on my Federal Return.My SEPP documentation is in order and will be attached to my filings but I need to learn one more thing about TurboTax. Help…
JerseyJim2006-03-24 14:56, By: JerseyJim, IP: [68.193.103.27]

L2: Trouble finding TurboTax Form 5329 (SEPP exceptionHopefully some will know the answer to your Turbo Tax Question. If all else fails file you taxes by snail mail and get form 5329 from the IRS website.
Never (ever) offer more that you are asked to give – just file the 5329 and your tax forms – don’t send any documentation – if they want it they will ask for it.
2006-03-24 15:04, By: Gfw, IP: [172.16.1.72]

L2: Trouble finding TurboTax Form 5329 (SEPP exceptionI don’t have Turbotax, so am just fishing here. I wonder why you refer to Code 1 as 01. The 01,02 etc are the exception codes themselves for the 5329. They would probably not go into the 1099R entry directly unless the program said to. What happens if you just enter “1”? Does it then open up any options for exceptions?2006-03-24 15:56, By: Alan S., IP: [24.116.165.157]

L2: Trouble finding TurboTax Form 5329 (SEPP exceptionGordon – I’m glad you pointed out not to send my SEPP documentation with my filing(s) since I had planned to. I had misinterpretted the template provided in “A Practical Guide To Substantially Equal Periodic Payment” which in footnote Copy#1 suggested a copy “With annual tax files”. Didn’t mean to file documentation. I should have read this a bit closer. The original SEPP Letter of Self Determination and calculationsare in my safe deposit box.
Alan S. – The Vanguard 2005 FORM 1099-R is coded “01” in Box 7: however in TurboTax it is a pulldown which enters the code of “1” meaning Early Distribution with no known exception as the proper entry. As indicated before on this board, Vanguard as well as others have chosen to code SEPPs with code 1 rather than 2 even if the documentation is provided to them when it is established. I’ll keep trying to find the correct method to pull up and integrate the Form 5329 within TurboTax.The TT helpscreen indicates a FORM 1099-R replica needs to be created but drops you off there. Last resort will be to fallbackto the manual forms and methods. There are a number of other forums I’ll try to get an answer from as well as wait here to see if someone has tackled this.
Thanks…
JerseyJim2006-03-24 17:16, By: JerseyJim, IP: [68.193.103.27]

L2: Trouble finding TurboTax Form 5329 (SEPP exceptionHi Jim,
1. In the turbo tax program click on the forms menu.
2. Click on open a form option.
3.Scroll down about 3/4 and click on form 5329-T: Addtional Tax On retirement Distr.
That’s It
2006-03-24 17:17, By: Joe, IP: [67.169.13.239]

L2: Trouble finding TurboTax Form 5329 (SEPP exceptionJoe – Boy that was quick and easy once you presented the steps! Thanks a lot. I’llneed to look at TurboTax more than once a year to learn the program better 🙂 Appreciate the help Joe….
JerseyJim2006-03-24 17:46, By: JerseyJim, IP: [68.193.103.27]

L2: Trouble finding TurboTax Form 5329 (SEPP exceptionHello JerseyJim:
Actually what happens in TT is early on , on a income stream you input your 1099R with code 1; then at the end of the interview, in the taxes section, TT will alert you that you’ve got a penalty situation and then asks you if any (of which there are mutiple) exceptions apply & if so, the dolar amount to applied to each exception; then after putting that information in, TT will produce as many 5329’s as needed automatically.
TheBadger
wjstecker@wispertel.net
2006-03-24 18:00, By: TheBadger, IP: [66.109.211.254]

L2: Trouble finding TurboTax Form 5329 (SEPP exceptionTheBadger – I followed what you suggested by going back to the 1099-R input and deleted it and entered it again, however was not asked about any exceptions. So I then went to the taxes and credits section and looked to see if any item there asked this but was not able to find any. I’m going to call it a day on this right now before my head falls off. Can get a bit frustrating at times but tomorrows another day. I did try the override in the pulldownFORM 5329within TT but that didn’t seem to make any difference [entered on line 2 (Part 1) of FORM 5329 exception code 02 and the exception amount]. I think I’m getting warmer but not there yet 🙂
JerseyJim2006-03-24 20:03, By: JerseyJim, IP: [68.193.103.27]

L2: Trouble finding TurboTax Form 5329 (SEPP exceptionTheBadger – Good News! Had to give it one more try before calling it a day. Was able to use the “go to” pulldown screen to get to the FORM 5329 section to make the exception entry. The deduction amount was entered in the Code 2 selection which then removedthe 10% penalty resulting in my return going from an “owe” to a “refund”. Thanks and on to my state return tomorrow.
JerseyJim2006-03-24 22:31, By: JerseyJim, IP: [68.193.103.27]

L2: Trouble finding TurboTax Form 5329 (SEPP exceptionHello JerseyJim:
It could be that we are using different versions/products of TurboTax; I use the Deluxe version. In Deluxe, you would click on the following interview screens:
Federal tax / Federal Review / Penalty May Apply / Penalty Exceptions
When you finally get to the 4th screen you are able to put in a variety of exceptions and dollar amounts for each. For each exception, TT Deluxe will automatically generate a separate 5329.
TheBadger
wjstecker@wispertel.net
2006-03-25 11:55, By: TheBadger, IP: [66.109.211.254]