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johanas
New Member

1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA from my financial institution. Yes or no. I don't understand the q?

 
4 Replies
MaryK1101
Expert Alumni

1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA from my financial institution. Yes or no. I don't understand the q?

If you only have the one 1099-R the answer would be Yes.  The financial institution is the trustee of the retirement account.

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fanfare
Level 15

1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA from my financial institution. Yes or no. I don't understand the q?

although the answer is YES, the question is ridiculous and makes no sense.

dmertz
Level 15

1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA from my financial institution. Yes or no. I don't understand the q?

The question is a bad attempt at asking, "In regard to this Form 1099-R from [financial institution], is this a distribution from an inherited account?"  TurboTax Product Quality has declined to improve the improper wording of this question.   It's silly that TurboTax even asks the question since the code in box 7 automatically indicates whether or not the distribution was made to a beneficiary of an inherited account.

fanfare
Level 15

1099-R for withdrawal from IRA I inherited from my Mom. Turbo tax asks if I inherited the IRA from my financial institution. Yes or no. I don't understand the q?

If it said, "Did you inherit this IRA at <financial institution>?"

maybe the confusion would subside a bit.

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