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And nothing about a distribution from an IRA that you inherited from your brother ever goes on a Form 8606 inside of TurboTax. If your brother had basis in nondeductible traditional IRA contributions, you would have to prepare a separate Form 8606 outside of TurboTax to determine the taxable amount, then explicitly enter the resulting taxable amount into TurboTax when entering the corresponding Form 1099-R.
amount received in 2024 will go on your 2024 tax return.
Unless his basis is 100% , it will be taxable income.
And nothing about a distribution from an IRA that you inherited from your brother ever goes on a Form 8606 inside of TurboTax. If your brother had basis in nondeductible traditional IRA contributions, you would have to prepare a separate Form 8606 outside of TurboTax to determine the taxable amount, then explicitly enter the resulting taxable amount into TurboTax when entering the corresponding Form 1099-R.
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