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Why am I receiving a retirement savings contribution credit for a retirement plan I inherited from my father who passed away?

Forum|Forum|5 years ago
February 18, 2021
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The account was rolled directly into an inherited IRA.

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Best answer by dmertz

There would only be no Form 1099-R if it was an inherited IRA that was transferred. If an account in a qualified retirement plan is what was inherited, it's moved to an inherited IRA by direct rollover and reported on a Form 1099-R.

In addition to posting here the code in box 7 of this Form 1099-R, is the IRA/SEP/SIMPLE box marked?

VolvoGirl

Employee

Did you enter it under Deductions like a new IRA contribution? Only enter it from the 1099R.

macuser_22

Employee

A direct rollover into an inherited IRA does not generate a 1099-R.

What did you enter? If a 1099-R what code is in box 7?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

D

dmertzAnswer

Employee

There would only be no Form 1099-R if it was an inherited IRA that was transferred. If an account in a qualified retirement plan is what was inherited, it's moved to an inherited IRA by direct rollover and reported on a Form 1099-R.

In addition to posting here the code in box 7 of this Form 1099-R, is the IRA/SEP/SIMPLE box marked?