My husband died in 2022 and still had some RMD to take. As the spouse, I established an Inherited IRA with my husband as the benefactor. I took the RMD and then Assumed the residual of the Inherited IRA into my own account.
My broker sent a 1099-R (husband as Benefactor, but with my SS #) indicating a Gross Distribution of my husband's ENTIRE IRA with the tax undetermined and Code 4 - Death. How can I use TT to report that I took just the RMD (taxable) and Assumed the rest (not taxable) without showing the ENTIRE amount as Taxable.
Also, since my husband had non-deductible (prior year) contributions and completed 8606 Forms - how do I calculate how much of my husband's 2022 RMD is not taxable? We have Forms 8606 but
- What year 8606 Form do I use ( 20021 or a new 2022 that show the impact of the recent RMD)?
- What line on that 8606 Form do I reference that shows the non tax portion of the RMD that I should input to TT
- What line on that 8606 Form has the New Tax Basis- and do I just add that figure to my own new 8606 Tax
Thank you very much. I am thoroughly confused!!
