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posted Sep 14, 2024 6:21:45 PM

Husband passed Dec 2022 Received a 1099R for $976.08 for 2023. Box 7 marked 7. Turbo asking me if I want to roll into my existing IRA or in a new one. Advice???

How should I handle this?

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1 Best answer
Level 15
Sep 16, 2024 8:24:04 AM

Let's back up.  What did you do with the $976?  Is the 1099R in your name or his name?  Turbo Tax is not asking what you want to do but  what you actually did with it.  My husband died in 2023 and Vanguard moved his IRA into my  IRA and did not give me a 1099R for it.  You got the 1099R because you took a distribution.  

4 Replies
Level 15
Sep 15, 2024 4:10:01 AM

 If his IRA is still funded, that decision has to be communicated to your custodian who can explain your options.

It has nothing to do with a Code 7 1099-R.

 

@coachbishop1 

Level 15
Sep 16, 2024 7:02:08 AM

Since you inherited the IRA from your spouse, you're permitted to roll it over into your own existing IRA.  If you don't need the $ now, rolling it over into your own IRA will allow the money to continue to grow tax-deferred.

Level 15
Sep 16, 2024 8:24:04 AM

Let's back up.  What did you do with the $976?  Is the 1099R in your name or his name?  Turbo Tax is not asking what you want to do but  what you actually did with it.  My husband died in 2023 and Vanguard moved his IRA into my  IRA and did not give me a 1099R for it.  You got the 1099R because you took a distribution.  

Level 15
Sep 16, 2024 8:40:29 AM

@VolvoGirl --

 

Correct.  Brain cramp on my part.  Thanks.