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If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

 
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Level 15

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

You have more than one 1099-R for the inherited IRA?    If a code 4 in box 7 then answer that it was all  RMD.   

The answer to the question does not go on your tax return, it is simply to make sure you do not owe any penalty for not taking the RMD or use it for an ineligible rollover.

A total distribution  not only satisfies any RMD it exceeds it
**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.**

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Level 15

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

Is the box 2b total distribution on the 1099-R checked?
**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.**
New Member

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

It is on one of the 1099-Rs
Level 15

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

You have more than one 1099-R for the inherited IRA?    If a code 4 in box 7 then answer that it was all  RMD.   

The answer to the question does not go on your tax return, it is simply to make sure you do not owe any penalty for not taking the RMD or use it for an ineligible rollover.

A total distribution  not only satisfies any RMD it exceeds it
**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.**

View solution in original post

New Member

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

I inherited several different IRAs. Only one of the 1099-Rs had the total distribution box checked.
Level 14

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

RMDs start in the year following the year of Death.
If you don't have an account anywhere with your name as beneficiary, then the IRAs were liquidated.
Just answer YES.
Level 14

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

you should have gotten something from the executor explaining all this.
An inherited IRA does not have to be liquidated, that should be your choice.
New Member

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

Unfortunately, that was not explained to me.
Level 15

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

IRA's that have a named benificuary do not pass through the estate.  They go directly from the financial institution that is the custodian of the account to the benificuary.   The estate executor  would not necessarily have any knowledge of the account or responsibility.  Only if there was no named benificuary or the estate itself was the benificuary would the estate be involved, but in that case the estates beneficiaries receive a K-1 from the estate, not a 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.**
Level 15

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

IRA's that have a named benificuary do not pass through the estate.  They go directly from the financial institution that is the custodian of the account to the benificuary.   The estate executor  would not necessarily have any knowledge of the account or responsibility.  Only if there was no named benificuary or the estate itself was the benificuary would the estate be involved, but in that case the estates beneficiaries receive a K-1 from the estate, not a 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.**
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Level 14

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

I was confused and perhaps misread the poster's phrase " inherited an IRA". I guess this was not an Inherited IRA. I still don't understand why the poster got a 1099-R.
Level 15

If I inherited an IRA and given a check for my portion, how do I answer the question "Was this withdrawal an RMD?" Yes or No

If it is an inherited IRA then the box 7 code on the 1099-R would be a 4.
**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.**