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Level 1
posted Mar 28, 2024 1:02:34 AM

How do I know if I have RMD for my 1099-R that I inherited from my father after he passed away and I took the money out as a 25 year old (box 7 code: 4)?

My father passed away at the end of 2022. His account was split and moved into mine and each of my 3 siblings’ names by December 2022. I took the money out and closed the account during 2023, I think around July and received the money around a week after closing the account. It was Fidelity. This is my first time ever dealing with a 1099-R, please help me. Thank you!

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1 Best answer
Level 15
Mar 28, 2024 4:21:27 AM

TurboTax is only asking to determine how much of the distribution might be eligible for rollover.  However, a non-spouse beneficiary is not permitted to roll over any of the distribution, so it doesn't matter what answer you provide to this TurboTax question.  You can simply say it was all RMD since none of it was eligible for rollover.

1 Replies
Level 15
Mar 28, 2024 4:21:27 AM

TurboTax is only asking to determine how much of the distribution might be eligible for rollover.  However, a non-spouse beneficiary is not permitted to roll over any of the distribution, so it doesn't matter what answer you provide to this TurboTax question.  You can simply say it was all RMD since none of it was eligible for rollover.