We inherited an ira from my wife's father when he passed away that we moved into an inherited IRA after taking out the RMD. We received a 1099 R showing the full IRA amount as taxable and TurboTax, after entering the information wants to tax the full amount as if we cashed the whole amount. I'm thinking I should not have received the 1099 showing all as taxable or am I missing something?
I do have two forms 5498, (1 shows the full IRA amount, the other shows the amount after the RMD that was transferred) just not sure what to do with them.
