You'll need to sign in or create an account to connect with an expert.
When entering this Form 1099-R, TurboTax does not permit you to indicate that the distribution was rolled over because a distribution paid to a non-spouse beneficiary from an inherited IRA is not permitted to be rolled over. An IRA inherited by a non-spouse beneficiary is only permitted to be moved by nonreportable trustee-to-trustee transfer.
If this was a distribution paid to you, its deposit into another IRA as a rollover constitutes an excess contribution to that IRA.
If the money was instead paid directly to the new inherited IRA for you benefit by trustee-to-trustee transfer without ever having been paid to you, the movement of the funds was neither distribution nor a rollover and must not be reported by the originating and receiving trustees as such. In this case, you must ask the originating trustee to issue a corrected Form 1099-R showing a distribution of $0 and you must also make sure that the receiving trustee does not report receipt of the funds as a rollover contribution on the Form 5498 from the new inherited IRA.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mikeo0
New Member
eddyB
Level 1
LT2025
Returning Member
Misayani
Returning Member
Anonymous
Not applicable