Hi
Ive been using Turbo Tax deluxe to do my elderly Pennsylvania parents tax return for 3 years. This past year my father went thru a paydown and reshuffling of his assets (qualified IRAs) prior to a medicaid appliction so his nursing home care could be paid for.
I have numerous 1099s some of which are straitforward...but some im not sure about. One of his IRAs was paid out directly to my mother (into her bank account) and that was taxable as far as i know (not sure)..its asking me for the "basis of retirement income". Is this on the 1099 somewhere? .The 1099 was code 7D total distribution checked ..there was a taxable amount in 2a smaller than the gross and a different bigger value in box 5
There was also another qualified IRA that was rolled over into annuities (Elco) with another company (60 day rollover) that my mother recieves....we recieved a form 5498 from the new company (for which we also have a 1099) and this was shown as a qualified rollover on the federal return, but the state tax part of Turbo tax asked me to classify it...and I wasnt sure ....as a qualified IRA there was no tax liability, but as a rollover ...there was massive tax liability. Some help please. . the second 1099 i was talking about (the rollover) had both taxable amount not determined and total distribution checked...Distribution code 7....Code IRA/Sep box checked
My father died in June 2022...so i had to redo both the federal and state with taxpayer names reversed so i could file the state return for 2022.
