Sort of related to the Backdoor Roth question I asked earlier. This year in addition to a back-door Roth, I also now have an inherited traditional IRA from my Dad. Is it true that even thought that was not my IRA, now that I own it, I will have to do the ratio of conversion basis (which is $8000) to the inherited IRA basis (which is zero on a FMV of say $72,000) and would be taxed on 90% of the $8,000 conversion? And if that is correct, where do I input in the Fair Market value and the basis of the inherited IRA? For this inherited IRA I did not receive a 2024 Form 5498 (which is where I would get the FMV) so i guess I need to find that from a 2024 Dec 31 statement?) I think the FMV and basis for the backdoor Roth might be in TurboTax already from reporting the trad IRA contribution and the Conversion as the prior reply showed me how to do.
