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Inherited Roth IRA from my mother. 1099-R box 7 lists distrib code T. If I call it an inheritance, TurboTax asks when she first opened the Roth. What if I don't know?
I don't know if she opened the Roth before 2014 or not. If I answer that she opened it after 2014, Turbo Tax needs more info about her initial contributions that I don't have. I *AM* supposed to say that it's an inheritance, right?
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Inherited Roth IRA from my mother. 1099-R box 7 lists distrib code T. If I call it an inheritance, TurboTax asks when she first opened the Roth. What if I don't know?
Yes, you must indicate that it's an inherited Roth IRA.
If her Roth accounts have met the 5-year holding requirement because she made her first contribution to any Roth IRA for a tax year before 2014, all distributions you receive from this account are qualified distributions, entirely tax free. If her first contribution to a Roth IRA was for 2014 or later, distributions follow the ordering rules for nonqualified Roth IRA distributions, with taxable earnings coming out last.
If you did not received a distribution of substantially less then the full balance of the Roth IRA, it's likely that that you received a distribution allocable only to original contributions, tax free. But ideally you'll want to answer TurboTax's questions accurately.
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Inherited Roth IRA from my mother. 1099-R box 7 lists distrib code T. If I call it an inheritance, TurboTax asks when she first opened the Roth. What if I don't know?
Yes, you must indicate that it's an inherited Roth IRA.
If her Roth accounts have met the 5-year holding requirement because she made her first contribution to any Roth IRA for a tax year before 2014, all distributions you receive from this account are qualified distributions, entirely tax free. If her first contribution to a Roth IRA was for 2014 or later, distributions follow the ordering rules for nonqualified Roth IRA distributions, with taxable earnings coming out last.
If you did not received a distribution of substantially less then the full balance of the Roth IRA, it's likely that that you received a distribution allocable only to original contributions, tax free. But ideally you'll want to answer TurboTax's questions accurately.
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Inherited Roth IRA from my mother. 1099-R box 7 lists distrib code T. If I call it an inheritance, TurboTax asks when she first opened the Roth. What if I don't know?
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Inherited Roth IRA from my mother. 1099-R box 7 lists distrib code T. If I call it an inheritance, TurboTax asks when she first opened the Roth. What if I don't know?
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