@dmertz @fanfare
Thank you very much for your responses. @dmertz , the info you provided on the EasyGuide button was priceless - I would not have figured that out, thank you.
The required explanation you mentioned - is that for the IRS or for TT to understand how/why my Mom rec’d the additional basis?
Will this explanation suffice?: “I acquired the additional basis when my spouse passed and I assumed his IRA as my own.” In the Amount box I typed in my Dad’s basis from his 2023 F8606, Line 14.
The next screen is “Tell us the value of your traditional IRA.” I entered in the IRA values as of 12/31/24 for my Mom’s 3 IRAs (her IRA she’s had for many years, one she inherited when her brother passed in 2011, and the one she just assumed from my Dad.
The next page asks, “Did (my Dad’s name) miss a required distribution from any retirement accounts?” Even though he technically did miss an RMD due to passing away, I clicked the button that says, “None of these plans failed to withdraw the RMD.” Is this the correct choice?
Lastly, when I peeked at the TT IRA Information Worksheet, it still shows my Dad’s basis on Lines 1, 3, 12, and 17. Is this normal? On my Mom’s side, Line 1, it shows her with the increased basis from my Dad (even though his is also showing on the left side). It “wiped out” my Dad’s Line 2 “Year-end value on 12/31/2024” and shows my Mom with the increased value of his on the “Spouse” side (plus her two “original” IRAs). Just want to make sure the IRA Worksheet should still show amounts on my Dad’s side. I’m assuming next year everything for my Mom will transfer from the “Spouse” side to the “Taxpayer” side and my Dad’s will not show at all.
I would greatly appreciate your assistance in my final push to assist my Mom.
Thank you!
