My sister and I inherited an IRA from my mother. We took the total contribution, so we have to pay taxes on it. We both received a 1099R which said 50% in Box 9a, "Your percentage of the total distribution".
I was surprised to see the full amount on line 4a of Form 1040. My assumption is I need to pay taxes on 1/2 of the distribution, as does my sister. It makes no sense to me that we should both pay taxes on the full amount.
This seems like a bug in Turbo Tax. My inclination is to do the 50% percentage myself, on line 4a.
Wouldn't that be correct??
