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I inhertited a roth IRA frommy brother whopassed away. I then rolled itover to a new one with my bank. DO I need to enter a from for the roll over too?

I got a 1099-R form but I didnt get one from the new company I rolled it over to
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2 Replies

I inhertited a roth IRA frommy brother whopassed away. I then rolled itover to a new one with my bank. DO I need to enter a from for the roll over too?

You are not permitted to roll over an inherited IRA.   The IRA custodian can transfer to to another account which is not a rollover but  It must be kept in the name of the deceased.

 

If you withdrew the money and put it in another account yourself then that is not a rollover but a new contribution to that account subject to the contribution limit rules $6,000 ($7,000 if over age 50) but not more then you taxable compensation.

 

What code is in box 7 on the 1099-R?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
HelenC12
Expert Alumni

I inhertited a roth IRA frommy brother whopassed away. I then rolled itover to a new one with my bank. DO I need to enter a from for the roll over too?

You wouldn't get a 1099-R for a contribution, only a distribution. Please see Is an inherited IRA or retirement plan taxable?

 

Additional information: Where do I enter my 1099-R?

 

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