You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jgreene1127
New Member
Wyldaisy
Level 3
Cgarcia68
New Member
taxhelpmenow
Level 2
smallsheep
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.