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magic
New Member

My father-in-law passed away last year leaving us one fourth of an ira. we rolled into another ira. 1099 says all taxable. no g in box 7 just a 4. suggestions?

 
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ChristinaS
New Member

My father-in-law passed away last year leaving us one fourth of an ira. we rolled into another ira. 1099 says all taxable. no g in box 7 just a 4. suggestions?

Please read the following about Beneficiary IRAs:

Inherited from someone other than spouse. If the inherited traditional IRA is from anyone other than a deceased spouse, the beneficiary cannot treat it as his or her own. This means that the beneficiary cannot make any contributions to the IRA or roll over any amounts into or out of the inherited IRA. However, the beneficiary can make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of the beneficiary.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary

How much money are you talking about here? If the IRA where the money is now is not a Beneficiary IRA, that means you took out this money completely and then make an IRA contribution to a new IRA in your name and/or your spouse's name. (2 separate events) That would not be a rollover, but would be a distribution and a contribution.

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2 Replies
ChristinaS
New Member

My father-in-law passed away last year leaving us one fourth of an ira. we rolled into another ira. 1099 says all taxable. no g in box 7 just a 4. suggestions?

A beneficiary IRA cannot be rolled into a non-bene IRA. So, just to be clear, you moved the beneficiary IRA to another custodian? It would have to be a direct transfer, and this 1099R suggests it wasn't. Please clarify what you were old about this, as inherited IRAs are not like regular IRAs.
ChristinaS
New Member

My father-in-law passed away last year leaving us one fourth of an ira. we rolled into another ira. 1099 says all taxable. no g in box 7 just a 4. suggestions?

Please read the following about Beneficiary IRAs:

Inherited from someone other than spouse. If the inherited traditional IRA is from anyone other than a deceased spouse, the beneficiary cannot treat it as his or her own. This means that the beneficiary cannot make any contributions to the IRA or roll over any amounts into or out of the inherited IRA. However, the beneficiary can make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of the beneficiary.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary

How much money are you talking about here? If the IRA where the money is now is not a Beneficiary IRA, that means you took out this money completely and then make an IRA contribution to a new IRA in your name and/or your spouse's name. (2 separate events) That would not be a rollover, but would be a distribution and a contribution.

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