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New Member
posted Jun 6, 2019 12:12:19 AM

Deceased parent had IRA which was distributed and I rolled into IRA BDA account. Is this distribution reported on 1099 R taxable?

Payer generated 1099 R with full amount listed as taxable.

0 3 1178
3 Replies
Level 15
Jun 6, 2019 12:12:21 AM

A non-spouse beneficiary is not permitted to roll an IRA distribution over to an IRA BDA account, so TurboTax will not permit an non-spouse beneficiary to indicate that a code 4 distribution from an IRA was rolled over.  If the account was instead moved by trustee-to-trustee transfer where the money leaving your parent's account was paid directly to the BDA IRA and was never paid to you personally, contact the IRA custodian to obtain a corrected Form 1099-R to show that $0 was distributed to you.  A trustee-to-trustee transfer of an IRA is neither a distribution nor a rollover and is not reportable by the IRA custodian. 

New Member
Jun 6, 2019 12:12:22 AM

I was advised to set up a BDA IRA. Based upon your answer this is not correct since the distribution was paid to me and then deposited into the BDA account.

Level 15
Jun 6, 2019 12:12:24 AM

Correct.  This was not permitted to be deposited into an BDA IRA.  By making the deposit, the IRA to which it was deposited fails to be a BDA account, despite how the account is titled.  The account instead constitutes an IRA owned by you.  The amount deposited is an excess IRA contribution to the extent that the amount deposited exceeds what you were eligible to contribute to your traditional IRA as a new contribution for 2018.  The amount that is an excess contribution is subject to a 6% excess contribution penalty each year that the excess remains in your traditional IRA.  You'll need to contact the IRA custodian to get this all sorted.  You can avoid the 6% excess contribution penalty for 2018 by obtaining a return of contribution before the due date of your 2018 tax return.

This unfortunate error happens often enough that Congress has considered changing the tax code to allow these rollovers by non-spouse beneficiaries, but none of the bills containing this provision have progressed very far.