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Retirement tax questions
It was not a Roth IRA, and the contributions were all pre-tax. But regardless of how I answer TT's question "Did you have nondeductible contributions for this IRA?" the amount does not show up in my taxable income.
I also made a non-deductible contribution to my own IRA this year and in past years. Looking at the form 8606 (Non-Deductible IRAs) that TT created, it seems to be treating this distribution from my mother's IRA as if it were a distribution from my own IRA. My IRA distributions would not be taxed, because all contributions were made after-tax. I did tell TT that this 1099-R was from an IRA I inherited, but it doesn't seem to be separating the two.
‎February 20, 2021
7:28 PM