Solved: Inherited ira part distribution
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usmcr1964
New Member

Inherited ira part distribution

1099R shows full distribution but most rolled over to next year.

1 Best answer

Accepted Solutions
dmertz
Level 15

Inherited ira part distribution

This is a situation that TurboTax does not handle gracefully.  For any single Form 1099-R entered, TurboTax assumes that the spouse beneficiary either rolled over none of the distribution or all of the distribution.  You'll need to split the code 4 Form 1099-R into two, one for the portion that you did not roll over (including any amount withheld for taxes), and the other for the portion rolled over.  The amounts in each of the dollar-amount boxes on the split Forms 1099-R must sum to the amount in the corresponding box of the original form.

As long as the rollover to your own IRA was completed within 60 days of the distribution, the fact that the rollover was not completed until early 2019 is not relevant to how you report it in TurboTax.

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5 Replies
dmertz
Level 15

Inherited ira part distribution

Not sure what you mean by "most rolled over to next year."

Are you the spouse of the deceased IRA participant?  A non-spouse beneficiary is not permitted to roll over any of the distribution paid to that beneficiary.
usmcr1964
New Member

Inherited ira part distribution

I am. It was a partial distribution in Dec 2018. Bank didn't show balance was rollover till Feb 2019
dmertz
Level 15

Inherited ira part distribution

This is a situation that TurboTax does not handle gracefully.  For any single Form 1099-R entered, TurboTax assumes that the spouse beneficiary either rolled over none of the distribution or all of the distribution.  You'll need to split the code 4 Form 1099-R into two, one for the portion that you did not roll over (including any amount withheld for taxes), and the other for the portion rolled over.  The amounts in each of the dollar-amount boxes on the split Forms 1099-R must sum to the amount in the corresponding box of the original form.

As long as the rollover to your own IRA was completed within 60 days of the distribution, the fact that the rollover was not completed until early 2019 is not relevant to how you report it in TurboTax.

View solution in original post

usmcr1964
New Member

Inherited ira part distribution

Thank you for your help with this.
elantra7878
New Member

Inherited ira part distribution

taxes are paid on the distributions for the year received but not on the amount rolled over to the next year.
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