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Get your taxes done using TurboTax
The income tax treatment of the IRA remains the same from the original account to the inherited IRA. So, accounts made with pre-tax dollars (as in a traditional IRA) or after-tax dollars (as in a Roth IRA) are still treated the same way in an inherited IRA. Hopefully you can get the form 8606 from the decedent's last filed return showing the basis amount needed by the beneficiaries.
‎July 18, 2023
3:28 PM