☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 29, 2024 5:56:13 AM

Do i need to fill out form 8606 T ? I received an amount for an IRA that was non-taxable, beneficiary from my brother who passed away in november, thanks

0 2 1119
1 Best answer
Level 15
Mar 29, 2024 10:28:47 AM

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.

2 Replies
Level 15
Mar 29, 2024 8:07:10 AM

amount received in 2024 will go on your 2024 tax return.

Unless his basis is  100% , it will be taxable income.

@jgreene1127 

Level 15
Mar 29, 2024 10:28:47 AM

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.