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rebecca-o-jackso
New Member

How would i inherit an ira from vanguard fiduciary trust? i inherited it from my mother, but the payer on 1099r is listed as vanguard fiduciary trust.

first responses are not relevant to question
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tagteam
Level 15

How would i inherit an ira from vanguard fiduciary trust? i inherited it from my mother, but the payer on 1099r is listed as vanguard fiduciary trust.

Vanguard is the financial institution that has the obligation to issue the tax reporting statement (1099-R).

 

Your mother was the plan participant (i.e., beneficiary) while you are, apparently, the designated beneficiary of the IRA. As such, you did not "inherit" the IRA from Vanguard, you "inherited" it from your mother.

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tagteam
Level 15

How would i inherit an ira from vanguard fiduciary trust? i inherited it from my mother, but the payer on 1099r is listed as vanguard fiduciary trust.

Vanguard is the financial institution that has the obligation to issue the tax reporting statement (1099-R).

 

Your mother was the plan participant (i.e., beneficiary) while you are, apparently, the designated beneficiary of the IRA. As such, you did not "inherit" the IRA from Vanguard, you "inherited" it from your mother.

View solution in original post

Opus 17
Level 15

How would i inherit an ira from vanguard fiduciary trust? i inherited it from my mother, but the payer on 1099r is listed as vanguard fiduciary trust.

I don't think we understand your question.  With an inherited IRA, the PAYER's name would be Vanguard, and the PAYEE's name should be something like "John Smith as beneficiary for Mary Smith".

 

Does your 1099-R say something different?  You may need to call Vanguard directly.  

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
VolvoGirl
Level 15

How would i inherit an ira from vanguard fiduciary trust? i inherited it from my mother, but the payer on 1099r is listed as vanguard fiduciary trust.

Why did you get the 1099R?  Did you cash it out or move it to your own IRA? What code is in box 7?

fanfare
Level 15

How would i inherit an ira from vanguard fiduciary trust? i inherited it from my mother, but the payer on 1099r is listed as vanguard fiduciary trust.

the confusion causing question should be 

"did you inherit this IRA at Vanguard?"

not 

"did you inherit this IRA from Vanguard"

 

Note: an inherited IRA must show a distr code of 4.

fanfare
Level 15

How would i inherit an ira from vanguard fiduciary trust? i inherited it from my mother, but the payer on 1099r is listed as vanguard fiduciary trust.

Don't edit your original post. that also just causes confusion.

tagteam
Level 15

How would i inherit an ira from vanguard fiduciary trust? i inherited it from my mother, but the payer on 1099r is listed as vanguard fiduciary trust.


@fanfare wrote:

Don't edit your original post. that also just causes confusion.


The original post has not been edited, at least not after I posted the first response. Perhaps the original poster asked the question under a different username and the answers were not relevant.

dmertz
Level 15

How would i inherit an ira from vanguard fiduciary trust? i inherited it from my mother, but the payer on 1099r is listed as vanguard fiduciary trust.

TurboTax Produce Quality has declined to fix the improper wording of this question being presented by TurboTax despite it causing a great deal of confusion among users.  It's been a problem for years.

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