Hi,
My mother passed away in 2023 and I inherited her IRA which had a basis. While going through the TurboTax questions, it asks for the IRA value on 12-31-23. This IRA was transferred to me before the end of the year so the value in her account is zero, but it has a positive value in my account.
a. If I enter zero, it applies all of the remaining basis to her 2023 tax return.
b. If I enter the value in my account at the end of the year, it only applies a small amount to her tax return.
I was of the impression that the basis carried over to my inherited IRA. It is not clear how to answer the 8606 questions.
There are also 2 other fields called Outstanding Rollovers and Outstanding Recharacterizarions. Do these somehow apply in this case?
She had taken her RMD prior to her passing.
Thanks for your help
