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Is IRS asking if I inherited this IRA this year or in a previous year?

I am asked if i inherited this IRA. Are they asking if I inherited this year or in a previous year?
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3 Replies

Is IRS asking if I inherited this IRA this year or in a previous year?


@miltondavis756 wrote:
I am asked if i inherited this IRA. Are they asking if I inherited this year or in a previous year?

If you ever inherited it, unless you are the spouse of the deceased and tole the IRA custodian  to treat is as your own IRA so now it is in your name, in which case it is no longer inherited.

**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.**

Is IRS asking if I inherited this IRA this year or in a previous year?

Even though TurboTax knows you inherited it (Code 4), it still asks you this question.

Is IRS asking if I inherited this IRA this year or in a previous year?

Except in the case of a spouse, as indicated previously, an inherited IRA is subject to special rules and is always considered an inherited IRA for as long as it remains open.

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