It is not clear whether the value of all traditional IRA's is meant to also include inherited IRA's. I assume NO, but it would be helpful if Turbotax clarified this point in its explanations.
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Do not include the value of inherited IRAs maintained in the name of the deceased for your benefit when TurboTax asks for the year-end value of your IRAs. Inherited IRAs must never be aggregated with your own IRAs. If the inherited IRA has basis in nondeductible traditional IRA contributions, the taxable amount of any distribution from the inherited IRA must be calculated on a separate Form 8606. TurboTax does not support the preparation of Forms 8606 for inherited IRAs, so you would have to prepare the form yourself manually and enter into TurboTax only the taxable result.
Do not include the value of inherited IRAs maintained in the name of the deceased for your benefit when TurboTax asks for the year-end value of your IRAs. Inherited IRAs must never be aggregated with your own IRAs. If the inherited IRA has basis in nondeductible traditional IRA contributions, the taxable amount of any distribution from the inherited IRA must be calculated on a separate Form 8606. TurboTax does not support the preparation of Forms 8606 for inherited IRAs, so you would have to prepare the form yourself manually and enter into TurboTax only the taxable result.
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