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I received an inheritance IRA of about $75K and cash of about $49.5K in 2024. What needs to be considered for taxes in 2024 in turbo tax?
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For distributions paid to you from the inherited IRA, the financial institution will issue a Form 1099-R that must be reported on your tax return.
A cash inheritance that you receive is generally not reportable on an income tax return. However, if you were paid cash that was the result of income paid to the decedent's estate, the estate would issue to you a Schedule K-1 (Form 1041) reporting any taxable income that must be reported on your tax return,
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