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Question

I have Trad & Inherited IRA, this year it is trying to calculate the inherited IRA taxable amount out of my non deductible tradtional IRA from the distribution. Help!

Forum|Forum|1 year ago
February 15, 2025
1 reply
0 views

I put in the correct inherited IRA taxable amount but the form 8606 is calculating my inherited IRA out of my Traditional IRA account for the distribution and then also changing the taxable amount on the form itself.

Employee

Make sure that when entering this Form 1099-R that you answer Yes when asked if this distribution is from an inherited account. To confirm that the distribution is from an inherited IRA, the distribution from an inherited IRA will be reported with code 4 in box 7 and the IRA/SEP/SIMPLE box marked.

Employee

When asked about basis, that would be any basis in the inherited IRA.

Don't enter any non-zero basis in your own traditional IRAs