So scratch that one reply to you about the 1099R not indicating G as a rollover.
2a Taxable amount indicates 0. This is an IRA that I inherited from my dad. But I am not sure how to answer the questions in TT.
Repeating: Commonwealth transferred the entire IRA to the new Schwab inherited IRA account. I did take the RMD but from the Schwab Inherited IRA account.
TT Question: When I enter the amount from the 1099R from Commonwealth, TT asks where this is from to which I indicate qualified government or public pension. When it asks about the RMD, do I just answer 0? I was required to take out the $$$ and I did but after it was transferred to the Schwab Inherited IRA.
The 1099 R from the Schwab inherited IRA account is actually the RMD that I was required to take out. That has a distribution code of 4. When TT asks where this is from, I answer the same way - qualified government or public pension. I indicate it was inherited, by someone else who passed away with no non-deductible contributions. When TT asks what RMD amount was due by 12/31/2024, do I indicate 0? Because this WAS the RMD.
Then lastly, TT asks if I missed a RMD from any retirement account and to select any account for which I did not take an RMD even though one was due by the end of the year. I selected 'None of these plans failed to withdraw an RMD'.
So, even though the original amount was a direct transfer and my Schwab account indicates it is a direct transfer, commonwealth is showing it as a rollover because they 'rolled the funds' over to a new account. Oi vay.
Just as personal information - I guess I should have had the original commonwealth account information changed first to an inherited IRA with both names and then had it transferred. Too late now, but friends my age or now running into these situations. Thanks for your help.
Pogopogo
