In tax year 2020, I closed out an IRA that I had inherited from my father after his death in 2005. He was born in 1921. I had not taken any RMDs from this account. I received a check for the account balance, less federal and state withholding, and all of this was reported on a 1099-R.
- Do I need to pay a penalty?
- If so, will TurboTax do the needed calculations?
- How should I navigate the data entry into TurboTax?
