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Get your taxes done using TurboTax
It seems your son might have a penalty calculated on Form 5329 which carried over to "other taxes" on line 23 on Form 1040. You can also check Schedule 2 line 8.
Did you get a warning during the retirement interview? What is his code in box 7 on Form 1099-R? Entries boxes 1 and 2a? Make sure you enter during the interview that it was inherited and answer all follow-up questions carefully. Also, make sure you indicate that your son took all the required RMD when asked.
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
Please see Is an inherited IRA or retirement plan taxable? for additional information.
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February 25, 2023
7:04 AM