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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

 
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2 Replies

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

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

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

@jgreene1127 

dmertz
Level 15

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

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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