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I an inherited Non-Spousal IRA which was set up in an inherited IRA account. There should only be taxes on the RMD? What are the reporting mechanics?

My father passed away in late 2017 and I inherited his IRA kept at the XYZ Bank.  In 2018 the IRA was transferred by the bank directly to Schwab.   Schwab set up an Inherited IRA in my name.  In 2018 I took the RMD using the "inherited IRA tables."  

The XYZ Bank sent me a 1099R with the full amount in box 1 (Gross Dist) and the same amount in box 2a (Taxable Amt). Box 7 had code 4 (death).  Schwab sent me a 1099R for the 2018 RMD.  

Was the XYZ Bank correct in sending me a 1099R?  Does Schwab issue a form to tell the IRS that the full amount was transferred to an Inherited IRA at Schwab which would then inform the IRS that the XYZ Bank 1099R is not a taxable event?

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1 Reply

I an inherited Non-Spousal IRA which was set up in an inherited IRA account. There should only be taxes on the RMD? What are the reporting mechanics?

My guess is that Box 2a (Taxable amount) should have been zero as it was a direct rollover.

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