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Retirement tax questions
Since your pension is larger and you are entitled to the full $20k reduction without the inherited IRA, you can say no and skip those questions.
The inherited IRA deduction is based on the number of beneficiaries of the IRA. If you and 3 siblings each got 25%, then you could only exclude 25% of the allowed $20,000 on the money. Since you have no idea how many people may have inherited the money, you aren't able to calculate your portion. Thankfully, it doesn't matter for you.
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March 27, 2025
4:33 PM
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