Thank you for responding. I actually believe we might be talking about the same thing...:-) We have a spreadsheet set up that has the whole thing set up year by year. The Bases of Estate term is my wife's and I believe it is what you call the FMV (Fair Market Value?) of the IRA at the time of death. No, he was not over 70, he was 65. And yes, we each have our own account set up.
Next, the way we calculate it is we take the distribution total divided by the FMV at time of death. Then using that percentage, we then multiply it by the tax that was paid at time of death. That number then becomes the amount we can claim for the individual tax year.
My dilemma is that I don't remember where we plug it into on TurboTax...lol! So maybe this has made it a bit clearer? Thank you!!
