Do I have to count my RMD from my inherited ira from parent on savers credit form 8880

Forum|Forum|7 years ago
June 6, 2019
2 replies
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TurboTax Free Edition Online

Anonymous

Yes, you will need to include the RMD for your parent that you received.

The IRS specifically requires distributions from Non-Spousal Inherited IRA Required Minimum Distributions be reported.

See the instructions page on the following link under Line 4:

https://www.irs.gov/pub/irs-pdf/f8880.pdf

dcox4321Author

Level 2

Do not include any: • Distributions not taxable as the result of a rollover or a trustee-totrustee transfer. • Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. • Distributions from your eligible retirement plan (other than a Roth IRA) rolled over or converted to your Roth IRA. • Loans from a qualified employer plan treated as a distribution. • Distributions of excess contributions or deferrals (and income allocable to such contributions or deferrals). • Distributions of contributions made to an IRA during a tax year and returned (with any income allocable to such contributions) on or before the due date (including extensions) for that tax year. • Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). • Distributions from a military retirement plan (other than the federal Thrift Savings Plan). • Distributions from an inherited IRA by a nonspousal beneficiary This section I was looking at it is confusing

john7556

Level 2

Answer is wrong. It looks like answer that is marked as best is incorrect. You should not include the distribution from a non spouse inherited ira. As indicated in this threads later answer

I'm having this same issue and have not submitted my taxe return yet. I'm using federal free turbotax edition. It only asks if you have received any distributions. It does not tell you what types not to include. You have to read irs 8880.

I found this answer here https://ttlc.intuit.com/community/retirement/discussion/will-inherited-ira-rma-s-effect-retirement-savings-contribution-credit/00/311122

I'm going to file later this week I'm not going to claim the distribution i received when my sister and I inherited and split our deceased fathers ira.

I do hope I'm right please chime in if I'm incorrect

dmertz

Level 15

john7556, you are correct, the original answer here is wrong. Distributions paid to non-spouse beneficiaries are not to be included anywhere on Form 8880.

john7556

Level 2

Thanks. I really wish turbo tax would fix this. it looks like the poster above had the same issue with 2018. Not sure if this is a issue with just the free edition. But it really should include this info in either a actual question or a sidebar pulldown info menu.

Because technically yes in the last 3 years I did receive a distribution. That is all turbo tax asks for. with no side bar help. Again wondering if this is because it is the free edition