Correct, assuming that you are not a spouse beneficiary who has elected to treat the inherited IRA as your own.
If the decedent had basis in nondeductible traditional IRA contributions, the year-end value of the inherited IRA would have to go on a separate Form 8606 prepared outside of TurboTax to determine the taxable amount of any distributions from the inherited traditional IRA and then only the taxable amount determined on that form entered into TurboTax when entering the code 4 Form 1099-R reporting the distributions from the inherited IRA. If the decedent had no nondeductible traditional IRA contributions, the entire amount shown on the code 4 Form 1099-R is taxable and no Form 8606 for the inherited IRA is needed.
