1099r inheritance RMD

Forum|Forum|6 years ago
March 2, 2020
2 replies
46 views

I received a 1099R for an IRA that I inherited from my Dad who passed in 2019. I selected a lump sum total distribution (code 4) in 2019, which is reflected in box 7. IRA/SEP/SIMPLE is checked off.

In Turbotax its asking if this withdrawl was an RMD?

I can then select either All was an RMD or Part was.

Later it asks if I received all, part, or not required to take an RMD

Im not sure how to respond. Any help would be greatly appreciated

Best answer by dmertz

TurboTax is only asking the first question as part of the information needed to determine the amount that is eligible for rollover. Since none of this distribution was eligible for rollover and none was rolled over, it doesn't matter what answer you provide to this question. Simply say it was all RMD.

For the second question, the fact that you took a distribution of the entire amount means that you satisfied any RMD that might have been required for this account. Simply say that you received all of the RMD.

dmertzAnswer

Level 15

Sam190909Author

Level 2

Thank you. Im in State now (NJ) and Turbotax is asking is this is the first withdrawl from the IRA.

If I say Yes, it asks for Total of IRA contributions previously taxed.

If I say No, it asks about unrecovered contributions

Any help with this wold be appreciated

DaveF1006

Level 15

first of all, you must determine if you have a traditional or Roth IRA.

The first question is asking what pretax contributions have you made to your traditional IRA over the years. You should have a 5498 that your trustee sent letting you know what the value of your IRA is.

Unrecovered contributions are your entire contributed to all of your Roth IRAs since you started contributing that you haven't taken out as a distribution.

The reason that the question is being taxed is to find out if your distribution is taxable or not.

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