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Jerry731
Level 1

Only part of my IRA was inherited from my spouse and merged into my IRA ?

How do I show this on my tax form?
1 Best answer

Accepted Solutions
dmertz
Level 15

Only part of my IRA was inherited from my spouse and merged into my IRA ?

If you mean that you received a code-4 distribution but only rolled over part of that distribution into your own IRA, to accommodate TurboTax's limitations with regard to reporting this you'll need to split the code 4 Form 1099-R into two, one for the portion that you rolled over to your own IRA and the other for the portion that you cashed out.

 

If instead you mean that you received a distribution from your own IRA (code 1, 2, or 7 in box 7), the fact that some of the money in your IRA came from an IRA inherited from your spouse has no bearing on how you report the distribution.  The IRA is all your IRA now.  It is no longer an inherited IRA.

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1 Reply
dmertz
Level 15

Only part of my IRA was inherited from my spouse and merged into my IRA ?

If you mean that you received a code-4 distribution but only rolled over part of that distribution into your own IRA, to accommodate TurboTax's limitations with regard to reporting this you'll need to split the code 4 Form 1099-R into two, one for the portion that you rolled over to your own IRA and the other for the portion that you cashed out.

 

If instead you mean that you received a distribution from your own IRA (code 1, 2, or 7 in box 7), the fact that some of the money in your IRA came from an IRA inherited from your spouse has no bearing on how you report the distribution.  The IRA is all your IRA now.  It is no longer an inherited IRA.

View solution in original post

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