dmertz
Level 15

Retirement tax questions

Did the estate receive the distribution from the inherited IRA or did you receive the distribution from the inherited IRA.  If the estate received a taxable distribution from the inherited IRA and passed income through to you on the Schedule K-1, it would be in box 5 as Other portfolio and nonbusiness income.  If you received the distribution directly from the inherited IRA in 2024, contact the custodian of the inherited IRA to obtain the missing Form 1099-R.

 

"We asked ..."

 

Who did you ask?  If you asked the estate's executor or personal representative and the a taxable distribution was paid to the estate, then distributed to you from the estate, this should have been entered on the estate's income tax return (Form 1041) in box 8 as Other income so that it would propagate to box 5 of the Schedule K-1.  However, if the estate paid deductible expenses, that might have reduced the amount of income taxable to the estate and the amount of taxable income passed through to you on the Schedule K-1.  If taxable income was passed through to you from the estate, it needs to be on the Schedule K-1.