I am going through smart check on Turbotax, having entered in all my tax information. I get a screen that is saying "Check This Entry. Form 1099-R (CHARLES SCHWAB & CO,INC): RMD amount should have an amount since this IRA is inherited. If there was no RMD for this account, enter 0 for the amount."
First, I received three separate 1099-Rs from Charles Schwab so I am unsure which 1099-R it is referring to, but perhaps I can assume that it is one or both the the 1099-R forms for the two Roth IRA accounts I inherited from my mother in 2012. I did receive an RMD from each of those accounts this past year. But when I enter the amount of both of the RMDs (approximately $5,400) , my tax bill goes up by $1,363. I thought that there was no tax on inherited Roth IRAs ? Why am I getting such a huge tax liability? Is it a problem with Turbotax?
